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Gold prices crossed all-time high today. In the beginning of April, the price of gold increased by Rs 2400. It was revealed that the price of gold has increased by Rs 5700 in the month of March. At present, the price of gold is continuously increasing and due to this the gold market is depressed. At present, the price of gold on MCX has crossed 73 thousand for the first time. Today the new price of gold is Rs. 73,600 per tola is recorded.
Gold prices also increased in the beginning of the month
On the morning of April, gold prices were rising on MCX and reached new record levels within a short time of trading. Intraday, the April gold contract on MCX traded at Rs. 69,487 per 10 grams, which is the highest ever level in the history of gold. At the same time, the price of June contract reached Rs 68,719 per 10 grams.
Gold is the world's traditional choice
The current rise in gold prices is no coincidence. In fact, gold has traditionally been the preferred instrument of investors. The demand for gold increases as uncertainty increases. Investors around the world consider the yellow metal as the safest investment. Because of this, whenever the economic situation becomes uncertain due to increasing geopolitical tension or other reasons, investors start running after gold.
This is why prices are increasing now
Geopolitical tensions are still very high. There are no signs of resolution to the ongoing war between Russia and Ukraine in Eastern Europe. Tension is increasing in West Asia after Hamas attacks on Israel. Amidst all this, gold prices have also been supported by signals from the US central bank Federal Reserve. The Federal Reserve has hinted at cutting interest rates three times this year. Low interest rates cause bond yields to fall, causing investors to look for alternatives. In which gold gets more benefit.
Demand from shopkeepers decreased
As far as traders are concerned, it is being seen that due to the increase in the price of gold, the demand is decreasing during the season. At present, the price of gold on MCX has crossed 73 thousand for the first time. If we talk about today, today the price of gold has been recorded at Rs 73,600 per tola.