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Gold prices hit historic high; Investors overjoyed, public in shock

SimpliCity News Team · 24 Mar 2023

While gold prices in India have declined from time to time, overall its growth has always been on the upswing.

Gold prices, which have been fluctuating for the last one week, have suddenly risen again for the second consecutive day. From Rs. 70 per gram on Thursday, gold has gained another Rs. 20 to Rs. 5,560 per gram. Accordingly, a sovereign is being sold at Rs. 44,480.

In the Indian market, gold prices soared by Rs. 103 to Rs. 59,477 per 10 grams. Due to the crisis of the two major US banks, Silicon Valley Bank and Signature Bank and Swiss Bank, according to stock market experts, gold prices continue to hit new highs.

The stock markets are also fluctuating amid the ongoing crisis in banks. As a result, investments are flowing out of the stock market. Due to this, investments in gold which seems a safe bet, have started increasing. Experts say this is the reason for the continuous rise in gold prices.

Earlier this week, the 24-carat gold surged by Rs. 1,400 per 10 grams to cross the Rs. 60,000 mark for the first time. Gold prices stood at Rs. 31,000 per 10 grams in 2019. This year, it has gone up by more than Rs. 60,000. It has yielded a profit of 25 percent in the last four years. During the same period, other major investments have returned as much as 15 percent.

If this trend continues, the price of 24-carat gold is expected to touch a high of Rs. 61,000- Rs. 62,000 per 10 grams in the coming week. It is said that it will reach a price of 2050-2100 per ounce in the international market. In March 2023 alone, gold prices have risen by 8 percent.

According to stock market experts, gold prices are likely to rise due to the ongoing crisis in the financial and banking sectors.

Gold prices hit historic highs Investors public Stock Market

Gold prices hit historic high; Investors overjoyed, public in shock

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