Gold prices soared to a historic high on Tuesday, with the rate of 24-carat gold reaching Rs 1,00,000 per 10 grams for the first time ever.<\/p>\n\n\n\n
According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold surged from Rs 96,670 to Rs 1,00,000 per 10 grams, reflecting a notable increase of Rs 3,300 within just 24 hours.<\/p>\n\n\n\n
Other categories of gold also experienced significant price hikes. The rate for 22-carat gold climbed to Rs 97,600 per 10 grams, while 20-carat gold reached Rs 89,000 per 10 grams, and 18-carat gold touched Rs 81,000 per 10 grams.<\/p>\n\n\n\n
On the Multi Commodity Exchange (MCX), October futures of gold briefly surpassed the Rs 1 lakh mark, hitting an all-time high of Rs 1,00,484 per 10 grams, marking an increase of nearly Rs 2,000 or 2 percent within a single day.<\/p>\n\n\n\n
Experts attribute the sharp rise in gold prices to increased global demand as investors seek safety amid economic uncertainties. \u201cThe new all-time high attained by the yellow metal is primarily influenced by the rising tensions between President Trump and US Fed Chair Jerome Powell regarding the Fed rate cut,\u201d explained Colin Shah, Managing Director of Kama Jewellery.<\/p>\n\n\n\n
This heightened demand is driven by growing geopolitical tensions and ongoing global economic instability. Recent actions by the Trump administration, including tariffs on Chinese goods and questioning Federal Reserve policies, have contributed to market volatility.<\/p>\n\n\n\n
The weakening US dollar and anticipated interest rate cuts by the Federal Reserve have further enhanced gold\u2019s appeal as a non-yielding asset. Lower interest rates reduce the cost of holding gold, leading to increased investments in the precious metal.<\/p>\n\n\n\n
Another significant factor in the price surge is the rising gold reserves among central banks worldwide, including those in India and China. This strategy, known as \u2018de-dollarisation,\u2019 aims to reduce reliance on the US dollar and enhance economic resilience by investing more heavily in gold.<\/p>\n\n\n\n
\u201cWhile gold prices are on an upward trajectory, the decline of the dollar will make gold more affordable in other currencies, maintaining a balance in demand-price dynamics,\u201d Shah noted.<\/p>\n\n\n\n
He further mentioned that domestically, gold prices typically experience a slight uptick around festive seasons such as Akshaya Tritiya, reflecting increased demand. With these global factors at play, analysts predict that gold prices may remain elevated in the near future.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold prices soared to a historic high on Tuesday, with the rate of 24-carat gold reaching Rs 1,00,000 per 10 grams for the first time ever. According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold surged from Rs 96,670 to Rs 1,00,000 per 10 grams, reflecting a notable increase of […]<\/p>\n","protected":false},"author":1,"featured_media":483293,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[667],"tags":[],"class_list":["post-483292","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"_links":{"self":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts\/483292","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/comments?post=483292"}],"version-history":[{"count":0,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts\/483292\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/media\/483293"}],"wp:attachment":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/media?parent=483292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/categories?post=483292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/tags?post=483292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}