New Delhi: Navratri and Gudi Padwa, the Hindu festivals considered auspicious for buying gold are here and the prices of the yellow metal in India have hit a record high of Rs 71,080. Silver too scaled a new peak of Rs 82,064 per kg. Gold is expected to see another price hike when the interest rates fall which investors believe could happen later this year, News18 reported.
The bullion rate has seen a 14% increase since March. Geopolitical tensions, wars and grim economic outlook and the timing of the rate cuts by the Federal Reserve have added to the sudden record highs in gold prices. Spot gold in the Chicago Mercantile Exchange rose to $2,344 per ounce, while US gold futures shot up to $2,361 despite expectations of the US Federal Reserve delaying the interest rate cuts after robust US job growth.
World Gold Council’s Regional CEO (India), Sachin Jain, said gold prices touched a historic high despite near stagnant demand due to a fall in jewellery demand in the March quarter in both rural and urban centres, The Hindu reported.
There is a spurt in consumer gold demand during festive seasons in India and the industry has reported good pre-bookings ahead of Gudi Padwa, Ugadi, Navratri and Ramzan in April. The demand for gold jewellery will be subdued in the June quarter due to restrictions on gold movement over the Lok Sabha election for the next two months, News 18 reported quoting experts.
The Reserve Bank of India (RBI) bought 8.7 tonnes of gold in January, the highest in two years. The central bank’s gold holdings had touched 812 tonnes as of January-end, as per the World Gold Council.
Bhubaneswar: The Central Bureau of Investigation (CBI) has arrested Divisional Railway Manager (Waltair Division), Visakhapatnam,…
Bhunbaneswar: Vigilance sleuths on Monday launched simultaneous raids at four places linked to Subash Chandra…
Bhubaneswar: The 10th National Children’s Literary Festival 2024 at KIIT International School began on a…
Bhubaneswar: Dr Achyuta Samanta, the Founder of KIIT and KISS, has been conferred the prestigious…
Sambalpur: In a tragic incident, three elephants died reportedly due to electrocution after coming in…
New Delhi: Amid reports that Ayatollah Ali Khamenei is seriously ill, the Iranian supreme leader…
New Delhi: The air pollution level in the national capital reached the ‘severe plus’ category…
Why Chilika's Irrawaddy dolphin population matters On the surface, the Irrawaddy dolphin appears to be…