The gold price can reach Rs. 62,000! All records can be broken this year
This year, the price of gold might surpass all previous highs. According to the study, the mark of 62 thousand can be exceeded. Since the start of January, the price of gold has been increasing. After smashing the all-time price record, the price of the yellow metal is now skyrocketing. It cannot be controlled. Every day, the price of gold rises.
Parents are alarmed by the rising gold prices as the wedding season approaches. The reduction in pricing has never happened before. ICICI Direct predicts that gold prices could hit all-time highs this year, according to multiple media sources. The commodity market has a ceiling for gold prices of 62 thousand.
What is causing the price of gold to rise at such a rapid rate?
The US Federal Reserve’s strategy of raising interest rates has temporarily slowed down. Future interest rate increases could come to an end. The dollar’s worth will consequently decrease marginally. Then, investors will stop supporting the dollar. Then they will concentrate on gold.
The investors’ perception of gold can cause the price of gold to rise significantly. In addition to the commodity sector, customers’ preference for gold jewellery is predicted to rise this year, according to ICICI research. A lot of people think of gold as a common kind of investment and savings. There are so many people who buy gold and keep it at home.
For instance, the Reserve Bank purchased 400 tonnes of gold in the third quarter of 2022. This year, the Reserve Bank might continue that pattern. There are also normal citizens. The cost of 10 grammes of gold was approximately 49,000 rupees in September 2022. It exceeded the 56,000 threshold in January. According to experts, the record for gold prices may be shattered if the price of gold keeps increasing at this rate.
But the issue goes beyond the gold itself. With regard to the price of silver, there are also plenty of headaches to be had. In addition to gold, silver prices have increased significantly this year. The ICICI study predicts that silver prices will continue to rise today. This year, the cost of 1 kg of silver may exceed Rs 80,000.
The US Federal Reserve’s increase in interest rates is unquestionably one of the causes of this. In addition, silver is used in 5G and electric vehicle technology. As a result, this year’s demand for silver could rise. All metals listed on the multi-commodity market, excluding gold and silver, are expected to see an increase in price this year.