Gold Rate Today: Gold is making new records with every new day. Today a big increase was recorded in the price of gold. Let us tell you that due to the tremendous demand from stockists and jewelers, the price of gold rose by Rs 2,000 in the bullion market of the national capital on Tuesday. It reached a new high of Rs 94,150 per 10 grams. This is the biggest one-day jump in gold in two months. The All India Sarafa Association has given this information. On Friday, gold of 99.9 percent purity closed at Rs 92,150 per 10 grams.
Why is the rise in gold continuing?
According to bullion market experts, the trading sentiment remained strong due to the rise in gold in foreign markets due to strong demand for alternative investment amid the fall in stock markets.Due to this, the price of gold is increasing. With strength for the fourth consecutive day, gold of 99.5 percent purity also rose by Rs 2,000 to Rs 93,700 per 10 grams, which is its all-time high till now. Earlier, the price of gold had closed at Rs 91,700 per 10 grams. The highest single-day jump in gold prices was recorded on February 10, when it rose by Rs 2,400 per 10 grams. So far this year, the price of gold has increased by Rs 14,760 or 18.6 percent from Rs 79,390 per 10 grams on January 1.
Increasing demand for gold for investment
This geopolitical uncertainty, coupled with Trump’s volatile stance on the Russia-Ukraine conflict, is fuelling safe-haven demand for gold, the brokerage firm said in a circular. Also, Comex gold futures hit a record high of $3,177 an ounce. Apart from this, spot silver fell 0.74 percent to $ 33.83 per ounce during Asian trading hours. According to Chintan Mehta, Chief Executive Officer (CEO) of Abans Financial Services, market participants on Tuesday Watch out for US economic data, including the upcoming job openings report on Wednesday, the ADP employment report on Wednesday and non-farm payrolls data on Friday, which could provide insight into the Federal Reserve’s rate-cutting stance.