CHENNAI: The price of gold rose to Rs 44,480. With this, the price of gold has reached an all-time high. At the same time, jewelers said gold prices are likely to rise throughout the year. This has left jewelery buyers in shock after shock.
Gold prices have been bullish for the past few months. From last 10th to 14th sawan rose up to Rs.1,880. At the same time, the gold price once again crossed Rs.43 thousand. On the 14th, the price of gold was sold at Rs.43,120. This series of price hikes has come as a shock to jewelery buyers.
In this case, on the 15th, gold prices fell by Rs. 10 per gram to Rs. 5,380 per gram and sawan was sold at Rs. 43,040 per gram. This price drop did not last even a day. The very next day, i.e. 16th, the price of gold started rising again. On the 16th, gold prices rose by Rs.45 per gram to Rs.5,425 per gram and sawan rose by Rs.360 to sell at Rs.43,400 per sawan. Again the gold prices started to rise which made jewelery buyers nervous. The day before yesterday, gold prices rose by Rs.25 per gram to Rs.5,450 per gram and sawan rose by Rs.200 to sell at Rs.43,600 per sawan. At the same time, there was a fear among the people that if the price rises like this, Savaran will cross Rs.44 thousand. Gold prices also rose yesterday as jewelery buyers feared.
Yesterday, gold prices rose by Rs 110 per gram to Rs 5,560 per gram and sawan rose by Rs 880 to sell at Rs 44,480 a sawn. The price hike has left jewelery buyers reeling. At the same time, the price of gold rose by Rs.2,960 per sawan from the 10th till yesterday, i.e. in 9 consecutive days only. The highest price of gold was Rs 43 thousand 360 per swaran till now. That is, the gold price set this record on August 7, 2020. This record has been broken by yesterday’s rise in gold prices.
Gold prices have continued to rise and hit new highs, creating turmoil among housewives, jewelers and the middle class. They are beginning to think that gold will no longer become a showpiece. Gold market is off as today is Sunday. Therefore, today’s gold will be sold at yesterday’s price. It will be known what change is going to happen in the gold price only after the market starts tomorrow (Monday). At the same time, gold prices are likely to continue to rise, jewelers said. Jayantilal, President of the Chennai Gold and Diamond Traders Association said:
4 medium-sized banks have gone bankrupt in the US. Its impact has greatly affected the US economy. The reason is that there has been a panic between investors who have invested in banks and investors who have invested in mutual funds. They have come to the conclusion that they will not invest in mutual funds in the following periods. Due to this they are investing in gold and the price of gold has gone up in the world market. The price of gold will rise more in the future. The reason, he said, is due to the economic slowdown of European countries and the decline in the value of the Indian rupee against the US dollar, which will lead to a situation where the price of gold will continue to rise throughout the year 2023.
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