look news india
New Delhi, 16 October (Hindustan Reporter). In the domestic bullion market, gold has been falling continuously for the last three days, but gold has reached record high on Comex, the commodity exchange of Multi Commodity Exchange (MCX) and Chicago Mercantile Exchange. Gold future on MCX has reached a record level of Rs 76,810 per 10 grams. Similarly, the price of gold on Comex has reached a record level of $ 2,696 per ons. Similarly, the price of spot gold in America has also reached the level of $ 2,679 per ons.
Experts say that the ongoing tension in the Middle East is a major reason for the rise in gold prices. Similarly, the weakness in bond yields in America has also supported the price of gold. Bond yields remain weak due to the US Federal Reserve's cut in policy interest rates. The US Central Bank has indicated further reduction in interest rates. Due to this, there is a possibility of further weakness in bond yields. Due to this also, there is a bullish trend in the international gold market. Apart from this, the price of gold has also increased due to the purchase of gold by the central banks of many countries.
Commodity market expert Rajeev Swarnakar says that there is a continuous increase in the demand for gold in the international market as well as in the domestic bullion market. There has been an increase of 13 to 18 percent in the demand for gold during the festival season. This increase in demand for gold is expected to continue till Diwali. Wedding season will start in the country after Diwali. Even during that period, the demand for gold will continue to rise. Due to the possibility of continued increase in demand for gold at the global and domestic level, investors are hopeful that the price of this shiny metal may increase further. For this reason, huge investment is being made in gold.
Similarly, market expert Mayank Mohan says that there has been an increase in booking of gold during the festival season, due to which the price of this shiny metal remains around the highest level with minor fluctuations. This year the price of gold has increased by about 30 percent. According to Mayank Mohan, after the terrible Corona period, investors globally have increased the share of gold in their portfolio. Because of this, there is a continuous upward trend in the demand for gold. Although there have been fluctuations in the price of gold in the domestic market due to changes in government policies and changes in global trends, based on the indications received so far, it can be said that the price of gold will remain high. Will go up.