Gold prices on Wednesday hit an all-time high of Rs 76,700 in India, in line with the global bullion market trend. On the MCX, the yellow metal jumped 0.5 per cent amid a decline in US 10-year bond yields and increasing global instability linked to rising public debts.
Silver also surged 0.71 per cent to Rs 92,273 per kg in the futures market on the MCX.
The US 10-year bond yields have slipped below the 4.05 per cent mark, providing support for gold and silver prices.
Apart from geopolitical tensions in the Middle East, the global public debt increase also contributed to the rise in gold prices.
“According to a report, the IMF anticipates that, in a severely adverse scenario, global public debt could reach 115% of total GDP within three years, which is nearly 20% higher than current projections. The rise in public debt is attributed to weak global economic growth, tight financial conditions, fiscal slippages, and unstable economic policies, all of which are driving safe-haven buying of precious metals. The geopolitical tensions continue to bolster prices for these assets,” said Rahul Kalantri, vice-president (commodities), Mehta Equities.
In the international market, gold was trading higher by 0.54 per cent at $2,677.4 an ounce and silver was up by 1.10 per cent to $31.89 an ounce in New York.
A fall in the Indian rupee also led to a rise in gold prices in India. The Indian currency, which hit the 84-mark to a dollar for the first time in history, has been falling for the past few days amid foreign funds inflows from Indian equities.
On Wednesday, the rupee fell by 1 paise to 84.04 to a dollar, compared with 84.03 in the morning.
Importantly, festive seasons in India, such as Navratri and Diwali, also see higher demand for gold, especially for jewellery.
Check gold prices today in different cities on October 16, 2024; (In Rs 10/gram)
Retail Cost of Gold in India
What Is The Retail Price Of Gold Per Gram?
Gold price per gram is the cost of one gram of gold. It’s typically expressed in a specific currency (e.g., Indian Rupees). The price can fluctuate daily due to various factors, including economic conditions, geopolitical events, and supply and demand.
The retail price of gold in India, which represents the final cost per unit weight for consumers, is shaped by multiple factors beyond its intrinsic value.
Gold is deeply embedded in Indian culture, acting as a key investment and holding significant importance in traditional weddings and festivals.
As market conditions shift, investors and traders closely watch these trends. Stay tuned for more updates on this developing story.
Comments
0 comment