Investment Alert: Is It Time to Buy Gold Before Prices Hit ₹100,000?
Experts predict that we may see further increases in gold prices in the coming days, with some suggesting that prices could surpass the ₹100,000 mark in the coming years. Analysts believe that unless there is a significant rise in the US dollar or a reduction in geopolitical tensions,
New Delhi: Gold prices are skyrocketing globally, and with festival and wedding seasons approaching in India, prices are seeing a significant surge. Both international and local markets have reported record-high gold prices.
As of September 26, gold reached $2,685.42 per ounce in the international market, while in the local MCX market, the price per 10 grams soared to ₹75,750. This represents a 30% increase in international gold prices.
The rising demand for gold suggests that prices may continue to climb. Last week alone, gold prices increased by ₹1,547 per 10 grams. According to the India Bullion and Jewellers Association (IBJA), the price on September 21 was ₹74,093 per 10 grams, rising to ₹75,640 by September 28. So far this year, gold has appreciated by ₹12,288 per 10 grams, up from ₹63,352 on January 1, 2024.
Why Are Gold Prices Rising in India?
The ongoing increase in gold prices is largely attributed to the US Federal Reserve’s interest rate cuts, which have weakened the dollar, impacting gold prices positively. Additionally, central banks around the world have been purchasing gold consistently over the past few months. Geopolitical tensions, particularly in the Middle East, and the demand for safe-haven assets further drive up prices.
Will Gold Prices Exceed ₹100,000 per Tola?
Experts predict that we may see further increases in gold prices in the coming days, with some suggesting that prices could surpass the ₹100,000 mark in the coming years. Analysts believe that unless there is a significant rise in the US dollar or a reduction in geopolitical tensions, the upward trend in gold prices is likely to continue.
