Amid the global banking crises, gold prices have touched a lifetime high crossing the 60,000 mark.
Yellow metal futures on the MCX are set to breach Rs 60,000 next week, said Anuj Gupta, commodity and currency expert t IIFL Securities, while recommending a purchase technique in gold and silver futures.
Colin Shah, MD, Kama Jewellery, said, “Gold prices hitting a fresh high is a sign of slower economic growth and lower interest rates with ample liquidity to help the system steer of the current situation.”
“We expect gold to gain further and touch new highs in the next few months. Domestically, it is expected to trade in the range of ₹61,000-62,000/ 10gm.” Shah added.
The reasons for the price soar are attributed to the heightened global uncertainties, the weakness of the rupee, and the upcoming festive season.
Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services, said “Bullions continue surge, with gold on domestic front hitting a new life-time high of over ₹60,000, as a wave of banking crises shook global markets and put bullion on track for its biggest weekly rise in three years, while bets solidified for a less aggressive Fed in its fight against inflation.”
In the last month, the price of gold has skyrocketed by 78%, one of the biggest gains in the last three years since the early days of the pandemic.
On Monday, International gold prices have soared to the psychologically important $2,000 per ounce mark, and are expected to scale levels of $2,050-2100/oz.
As per a CNBC report, gold prices in Australia also touched their peak of $2,922 (Rs 1,61,525.88)an ounce, fuelled by the falling value of the Australian dollar against the US dollar.