Gold Rate Today, Fresh Peak of Rs 85,800: The continuation of gold prices continues continuously. On Tuesday, gold prices rose by Rs 500 to a new highest level of Rs 85,800 per 10 grams (fresh peak). This year i.e. since January 1, gold has been recorded at 8.07%. In the current environment, the views of investors and jewelers are on the matter what will be the move ahead.
Gold also rises on fifth day, prices at new height
On Tuesday, gold prices recorded a strength in the fifth consecutive business session. According to the All India Bullion Association, gold with 99.9% purity rose by Rs 500 to Rs 85,800 per 10 grams, while the price of gold of 99.5% purity also increased by Rs 500 to Rs 85,400 per 10 grams.
Also Read: Income Tax: Tech-Hom salary will not be less than 12 lakhs, marginal relief will benefit even if tax is taxed from slab rate
Earlier on Monday, gold with 99.9% purity closed at Rs 85,300 per 10 grams. In the beginning of January 2024, the price of gold was Rs 79,390 per 10 grams, which has increased by Rs 6,410 so far. However, silver prices declined on Tuesday after a rise of five days and it declined by Rs 500 to Rs 95,500 per kg.
Also Read: Tax Free Income for Govt Employees: Introduction of 14 lakh government employees can also be tax free, NPS will have to invest in this way
Fall in futures market, impact of global signs
On the Multi Commodity Exchange (MCX), the April delivery gold fell by Rs 208 or 0.25% to Rs 83,075 per 10 grams. At the same time, the April delivery gold futures at Comex also fell by $ 17 an ounce, or 0.60% and it came to $ 2,840.10 an ounce. On Monday, it reached a new highest level of $ 2,872 an ounce.
According to Jatin Trivedi, VP of LKP Securities (Research Analyst – Commodity and Currency), “MCX Gold is trading around Rs 83,000, with a slight decline of Rs 200. Come due to progress. “
Also Read: Gold McX: Where will gold go now, 5 big factor who are giving glow in gold
Gold demand increased due to fear of global trade war
Chintan Mehta, CEO of Abans Holdings, said that “Sona reached a record high on Monday as investors have invested in gold as a safe option due to fears of trade war around the world. Prices are trading at premium. “
He further said, “Jio-Polytical Uncertainty remains constant, as the Trump administration has stopped the tariffs on Canada and Mexico for a month, so that strict border enforcement can be negotiated. Also, the Central of China The bank has increased its gold reserve for the second consecutive month. Central banks around the world are hedging to avoid economic instability, which keeps the demand for gold. “
Also Read: Income Tax New Slab Rates: From 12 lakh to 50 lakhs, how much will be tax on how much will be tax, how many money will be saved? Calculation of Income Tax Department
What will be the trend of gold in the coming days?
According to Soumil Gandhi, Senior Analyst (Commodity) of HDFC Securities, “Now investors will be eyeing America’s macroeconomic data, which includes Jolts (Jolts – Job Openings and Labor Turnover Survey) and factory orders data. This data released on Tuesday night It will be and this is likely to give direction to US dollars and gold prices. “
Also Read: Income Tax New Slab: How to get tax free annually up to Rs 12 lakh, remove all confusion, here is calculation
Based on these figures, the dollar can see mild pressure on gold prices with potentially strong. However, gold prices are likely to be strengthened due to global uncertainty in the long term and gold purchases from central banks.
