Mumbai: Gold prices in India have reached unprecedented levels, breaking the Rs 77,000 mark for the first time in the bullion market of the nation’s capital, Delhi, on Wednesday. Concurrently, in the Multi Commodity Exchange (MCX) futures market, gold prices soared to approximately Rs 76,000 per 10 grams, while the Indian Bullion and Jewellers Association (IBJA) reported a rate of Rs 75,260 per 10 grams.
The surge in gold prices follows the US Federal Reserve’s recent decision to cut interest rates by 0.50 percent. Historically, gold has been regarded as a safe haven investment in India, especially during periods of global uncertainty such as wars, recessions, and economic instability. This trend sees investors shifting their focus from volatile options like the stock market to the stability offered by gold.
According to the IBJA, the price of 24-carat gold in the spot market increased by Rs 496 on Wednesday, reaching Rs 75,260 per 10 grams. This marks a significant rise from Tuesday evening’s closing price of Rs 74,764 per 10 grams. Over the past three days, gold prices have climbed by a total of Rs 1,167, reflecting a robust upward trend.
The increase is not confined to major markets like Delhi and Mumbai. Bullion markets in cities such as Bhopal and Indore have also witnessed a rise, with 24-carat gold prices hitting Rs 77,020 per 10 grams. In the MCX, gold prices surpassed the Rs 75,000 level for the second time in 2024, peaking near Rs 76,000 per 10 grams due to heightened demand.
In addition to gold, silver prices have also experienced a notable increase. On Wednesday, the price of silver reached Rs 90,324 per kilogram in the spot market, while on the MCX, it surged to Rs 92,309 per kilogram. The rise in silver prices is attributed to increased industrial demand, further driving the metal’s market value.
The consistent rise in gold and silver prices underscores their enduring appeal as secure investment options in times of economic volatility. As global financial markets remain unpredictable, investors continue to seek refuge in precious metals, reinforcing gold’s status as a cornerstone of wealth preservation in India.
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