Reasons Why Gold Price Will Rise To Rs. 35,000/ 10 Gm

Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    Gold in the domestic market is already scaling high in price and if experts are to be believed, in the times ahead, the precious yellow metal is likely to surge in price further to Rs. 35,000. Today 24 K gold is priced higher by Rs. 10 at Rs. 34,250 per 10 gm while 22k gold is priced at Rs. 32,630, with an increase of Rs. 10 in comparison to yesterday's price.

    Reasons Why Gold Price Will Rise To Rs. 35,000/ 10 Gm
     

    The demand for gold has seen an upward trend since last year and in the first month of the ongoing year, there has been seen a key positive shift in the yellow metal. Further, as indicated by the central bank, in the scenario when fixed income bearing bonds are registering downward trend, gold can be in demand as a store of value.

    At the onset of the current year, 24K and 22K gold was priced slightly higher than Rs. 32,000 and Rs. 30,000, respectively, for 10 gm of gold. And the surge in price to current levels is clearly indicative of increased buying in the commodity by investors.

    Some of the reasons as cited by experts that will likely push gold prices higher in the times to come are global growth trends which will set the course for safe-haven buying, huge demand for the precious yellow-metal, depreciating rupee against the dollar and US economy outlook.

    In Monday's trade however, global gold prices declined due to the upbeat dollar index which kept the bullion under pressure. Also investors had a cautious outlook in view of the risk emanating from progress in US-China trade talks.

    Gold price outlook

    As per experts, gold prices are likely to remain bullish and after surging to first Rs. 34,000 level, will see a price correction and slow down for some time. But it is viewed that in next 4-6 months time, gold will be priced at Rs. 35,000. Another expert opinion says that gold will climb to Rs. 35,000 price by March end.

    GoodReturns.in

    Read more about: gold dollar us economy
    Story first published: Wednesday, February 6, 2019, 14:39 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more