According to Goodreturns, the price of 24 carat gold is .7 9,757 per gram. The rate of 22 carat gold is 8,944 per gram, while the price of 18 carat gold is ₹ 7,318 per gram.
These prices reflect a rapid increase of ₹ 10,000 per 10 grams for 24k gold compared to the previous week.
Global Gold Hit Record High
Globally, the spot gold rose 1.7% to $ 3,383.87 an ounce, after touching a new record of $ 3,384 an ounce in the session.
The US Gold Futures climbed 2% to $ 3,396.10 per ounce.
The rally is being inspired by increasing concerns over global economic stability, which enhances American-China trade tension, and is a weak US dollar.
The dollar index fell at a three -year low, causing other currencies for investors to be cheap gold.
IG’s market strategist Yeop June Rong said, “Markets are pricing at increased geo -political risks, which are powered by American tariff stress and stagflation concerns, while flexible central bank demands an additional tailwind for prices.”
Trade war and political uncertainty promoted demand
Amid uncertainty, the safe-havan appeal of gold has increased.
US President Donald Trump recently announced a “mutual tariff” on several countries, intensifying the trade war with China. Beijing replied with warning to nations, considering different economic treaty with America
Political instability in the US is also promoting a gold rally.
Trump launched oral attacks on the Federal Reserve Chairman Jerome Powell last week, reporting that his team was looking for ways to remove him.
Meanwhile, the tension between Russia and Ukraine again erupted despite a day -long Easter ceasefire. The two countries accused each other of violating the truss, the long -term hopes in the fight.
What’s next to sleep?
Experts see more reverse to sleep if geopolitical risk remains. Rong said, “The next possible milestone to sleep may be around $ 3,500 an ounce level,” he said that technical indicators indicate short -term overbot conditions.
,With Reuters input
