In a 1st, gold tops Rs 71,000, silver Rs 81,000 – Times of India

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MUMBAI: Gold rush continues in precious metals.
Gold prices. On Monday, it jumped over Rs 1,500 to cross the Rs 70,000 mark for the first time amid a record high of Rs 71,100/10 gram. Geopolitical risks Aggressive buying by and Central banks. Silver also joined the party, crossing the Rs 80,000 per kg level for the first time as prices rose by Rs 2,000 to Rs 81,200 per kg. However, higher gold prices have dampened jewelers’ business as sales are down by more than 50%. % from the year-ago period, the jewelers said.
In global markets, gold prices recently moved past the $2,300 per ounce mark and were near the $2,400 mark in the New York market mid-session. And Silver pricesAfter breaking above the $28/oz mark – a three-year high – were trading just below that mark. One ounce is equal to 31.1 grams.
Sachin Jain, India regional CEO of the World Gold Council, said demand for jewelery in both rural and urban centers was almost stagnant in the first quarter as a result of high prices of the yellow metal. Jain said that during the upcoming general election period which will extend for two months, the movement of gold and cash will be under strict scrutiny, which in turn will weigh on the demand for precious metals. “On the other hand, higher prices may encourage investment in gold-linked digital and investment products.”
A number of global and domestic factors combine to drive gold and silver prices. Record high level, analysts and industry watchers said.

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Jatin Trivedi of LKP Securities said that among other factors, the ongoing buying of gold by global central banks has significantly supported its price, along with geopolitical tensions and rising interest rates in the US. A change is expected from “While the overall price outlook remains bullish, some correction towards 69,500 can be expected during this week,” Trivedi said.
China’s central bank has bought gold for 16 months in a row to diversify its foreign holdings, the latest data showed. Back home, in January, the RBI bought 8,700 kg of gold – its biggest monthly purchase in nearly 18 months – WGC data showed. The recent rise in geopolitical tensions in West Asia has also been a factor in the rise in precious metals prices, analysts said. Precious metals, especially gold, are hedges against uncertain economic conditions and this leads to high demand for these metals.
Another reason for the rise in gold prices is the recent weakness of the rupee against the dollar, analysts said. Last week, the rupee touched the mark of 83.45 per dollar. Since India is a net importer of gold by a large margin, any weakening of the rupee increases the price of gold in the domestic market.

Business news,Silver prices,Record high,Gold prices,Geopolitical risks,Central banks
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