Gold prices are now at an all time high, as a result of American banking crisis. Gold now costs Rs 60,000 mark per 10 grams.
Following the American banking crisis, gold prices on the MCX soared to a record high on Monday, surpassing Rs 60,000 per 10 grammes.
Gold Prices At All Time High: Rs 60,100 per 10 grammes
At 12:50 pm, MCX Gold futures were trading at Rs 60,020, up Rs 637 or 1.07% from their previous high of Rs 60,100 per 10 grammes.
Rahul Kalantri, VP Commodities, Mehta Equities stated, “Bullion was purchased as a safe haven after the sudden fallout of the SVC bank and other banks. The US bond rates saw unprecedented weakness, the dollar index fell, and gold prices increased. In view of the banking crisis and conflicting US economic statistics, the Fed is expected to convene this week on March 22. The policy outcomes may provide further guidance for the bullion markets.”
A month from now, according to Anuj Gupta, Vice President (VP), Commodity and Currency Research, IIFL Securities, the yellow metal will reach the Rs 62,000 mark. Buying on dips at prices around Rs 60,000 is his plan for the April gold futures market.
According to Gupta, international prices may test between $2,050 and $2,080.
Biggest Gains Have Been Made in Gold
According to Gupta, concerns about the Federal Reserve’s ability to continue raising interest rates in light of the mounting pressure on the economy have helped the price of gold. According to the IIFL Securities analyst, the most significant gains have been made in gold, which is viewed as a safe haven during uncertain times.
According to Manoj Kumar Jain of Prithvifinmart Commodity Research, “The US Fed is scheduled to meet this week and their policy outcomes in light of the banking crisis and mixed US economic indicators could give more direction to bullion markets.”
The Federal Open Market Committee (FOMC) meeting of the US Federal Reserve begins on Tuesday.
Silver futures for May were also trading in the green while recovering from morning losses. They were up Rs 721 or 1.05% in price, trading at Rs 69,222.
