Kochi, March 6, 2024: Gold prices in India skyrocketed today, reaching an all-time high. The price surged by ₹70 per gram, bringing the cost of one gram of 22-carat gold to a staggering ₹5,945. This translates to a price of ₹47,560 for one sovereign (10 grams) of gold. The price of 18-carat gold also climbed to ₹4,935 per gram.
The surge comes after international gold prices briefly touched $2,118 per ounce before settling at around $2,012. However, experts predict the price could climb further, potentially reaching $2,300 per ounce.
The primary reason behind the price hike is the rampant inflation plaguing the US, the world’s largest economy. As inflation rises, individuals often seek gold as a safe haven investment, driving up demand and consequently, the price.
Gold Price Expected to Rise Further
Experts anticipate that gold prices in India might continue their upward trajectory. Predictions suggest they could reach as high as ₹2,300 per ounce internationally.
Fluctuations Likely in Coming Days
While the price is expected to rise, there might be fluctuations in the coming days. These fluctuations will depend on several factors, including international market movements, variations in the Dollar-Rupee exchange rate, and domestic demand-supply dynamics.
Important Tips for Investors
- Research market trends: Conduct thorough research on market trends before investing in gold.
- Choose reputable jewellers: Only purchase gold from reputable and trusted jewellers.
- Retain bills: Always keep the bills received upon purchasing gold for future reference.
Impact on Common People
The rising gold prices come as a blow to everyday citizens in India. This hike significantly increases the financial burden for individuals planning to purchase gold for weddings or other special occasions.
