Gold Silver Price: Tremendous increase in gold prices, know how far the rate has reached

Mrjournalist News (Bureau). After the continuous rally in Gold, on Friday Gold made a new record by trading above Rs 68,000. After the statement of reduction in interest rates by the US Fed, gold continued to hit new record of rise. On Friday, the price of 999 gold per ten grams reached Rs 68150. Ashish Pethe, partner of Waman Hari Pethe Jewellers, said regarding this rise, 'Customers are waiting for the purchase and are waiting for the prices to come down, but looking at the inflation data in the US, the chances of interest rate cut are strong. Gold continues to rise. We will know how the season will go in Gudi Padwa and Navratri. Pethe said that after Corona, there has definitely been a change that when the prices go up, people do not come to sell and continue buying as needed.

'Bulk buying by China's Central Bank'

Gold is being bought by central banks all over the world to diversify their foreign currency reserves. According to RIBJA National Secretary Surendra Mehta, gold prices rose after the report came that China's Central Bank had bought a lot of gold. Apart from this, due to traders not following the risk management system, short sellers got trapped and gold started trading above Rs 68,000.

'Gold gave good returns in FY24'

This year was profitable for gold investors. GJC Chairman Sanyam Mehra said that the price of gold in the international market increased by more than 13.2%. Gold prices in the Indian market also increased by 12.5-13 percent in FY24. In the new financial year also, gold prices will get support from geo-political and record purchases by central banks. Gold prices are expected to increase further.

The pace is likely to continue

Naveen Mathur, Commodity-Currency Director of Anand Rathi Shares and Stock Brokers, said that gold will continue to rise in future also. Naveen Mathur says, 'Now gold can be seen at $2300. Yes, there may be a drop and it may also go to $2150. The advice for investors and buyers is that they should not enter into this rush, but buy gradually instead of investing all at once. If gold prices fall to $150, then buyers may get an opportunity as there is a bullish trend ahead for gold.