Saumil Gandhi, Senior Analyst, HDFC Securities, said, “Spot gold prices rose by Rs 1,025 to Rs 61,080 per 10 grams in the Delhi market. In the domestic market, the gold price crossed its fresh all-time high level of Rs 61,000 per 10 grams. Gold prices also rose in the international market. In the international market, gold rose strongly to $ 2,027 an ounce, while silver also advanced to $ 24.04 an ounce. Gold prices on Comex rose in Asian trading hours on Wednesday amid lower-than-expected US jobs data and gained more than 1.80 per cent since March 2022.
why is gold rising
Gandhi said fall in the US dollar index and bond yields following the release of US macroeconomic data mainly influenced bullion prices. Due to the banking crisis, people in America have recently withdrawn large amounts of money from banks. Along with this, the condition of the dollar is also getting worse. Many countries of the world are now trading in other currencies instead of dollars. Along with this, the share of dollar in the forex reserves of many countries has decreased. Due to all these reasons, the luster of gold has increased.
