Amidst the anticipation of recession all across the globe, gold standard in the market of Rajasthan’s capital, Jaipur, crossed the mark of 60 thousand rupees per 10 grams, for the first time. On Thursday, pure gold was sold for 60, 150 rupees per 10 grams here. At the same time, 22 carat jewellery gold touched 56, 900 rupees. Gold became 950 rupees per 10 grams expensive in one day, and in the last one month only, pure gold had become 3, 850 rupees or 6.84% costlier, and jewellery gold had become 3, 800 rupees, which means 7.15% expensive.
Prior to this on 31st December, 2022, pure gold was 56, 300 rupees per 20 grams and jewellery gold was 53, 100 rupees per 10 grams. What is noteworthy is that the price of gold doubled in merely 5 years and 5 months.
There are four major reasons behind this hike in prices of gold in the domestic market. Firstly, with recession deepening around the world, the buying of gold increased for safe investments, and even central banks are buying gold. Secondly, the slowing down of the pace of increase in interest rates by the American Central Bank, Federal Reserve. On Wednesday, the interest rates went up only by 0.25%, while the last time, they were increased to 0.50%.
Thirdly, With the reduction in the American treasury bill and bonds return, USD became cheaper in comparison to other currencies, and the attractiveness of gold for investment has gone up. Lastly, In India, with a tax of 18.45% on gold and the downfall of the rupee, the price of gold in India has went up rapidly in comparison to in other countries.
As per experts, the rate of gold is expected to further go up by 2000 rupees per 10 grams, after which there will be seen a certain break in the price hike.
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