Gold prices hit record high in Kerala today Sovereign traded higher by Rs 280 to Rs 40,000 today. The price of a gram of gold has reached Rs 5,000. Today, gold is at an all-time high. But rising gold prices have raised concerns among traders. The sharp rise in gold prices has hit the gold jewelery trade in the country hard.
Gold and silver prices rose again today on the MCX. MCX October gold futures rose 0.83% to Rs 53,216 per 10 grams. Silver futures rose 1.4% or 865 per kg to Rs 63,535. Gold rose to new heights this week on the back of rising global prices. In the previous session, silver had lost 4 per cent or Rs 2,762 per kg. Gold fell 0.4 percent.
Gold prices soar to over Rs 39,000 in Kerala; If so, who will buy the gold?
Demand for this specialty has grown significantly as a result of recent corporate scandals. Spot gold rose $ 1,958.99 an ounce and US gold futures rose 0.5 percent to $ 1,953. Global gold prices have risen 10% so far this month, the biggest increase in four years.
The fall of the dollar
The US dollar has been at a two-year low since President Donald Trump suggested an election delay. The weak dollar has also contributed to the rise in gold prices. Among other metals, silver fell 0.7 percent to $ 23.39 an ounce. Platinum fell 0.2 percent to $ 901.27. New policy easing measures from the central banks and geopolitical uncertainties are the main reasons for the rise in yellow metal prices.
What is the relationship between gold, the dollar and interest rates? Let’s find out if the price of gold will go up or down
Demand has decreased
As the price of gold rose sharply, the physical demand for gold plummeted. Gold prices have risen 28% in global markets so far this year. Gold is a safe investment in times of political and economic uncertainty. The increase in Covid cases around the world has led to an increase in investment in safe havens such as gold.