Gold price chart India 10 year. The price of gold has reached an all-time high on the Multi Commodity Exchange (MCX) due to recent banking crises in the US and Europe, causing investors to seek out safe-haven assets.
This surge in demand has caused the price of gold to cross the ₹60,000-mark per 10 grams for the first time in MCX’s history.
As of 12:55 pm, MCX gold futures were trading at ₹60,280, up 1.51%. MCX silver prices also rose, reaching ₹69,100 per kg, up by 0.87%.
International Gold Price
Internationally, the price of gold rose above $2,000 an ounce for the first time in over a year, surging 6.5% last week amid growing concerns over Credit Suisse Group AG and several regional American lenders collapsing.
Although gold initially fell in response to UBS Group AG’s announcement to buy Credit Suisse Group AG in an emergency deal, it later resumed its upward trend.
As of 3:23 pm in Singapore, spot gold rose 0.6% to $2,000.37 an ounce, its highest since March 2020. The ongoing banking crisis globally has raised expectations that the US Federal Reserve will ease up on its aggressive rate hike cycle after its two-day meeting starting March 21.
शेयर बाजार समाचार: निफ्टी 17,000 से नीचे, सोना पहली बार 60,000,रिलायंस इंडस्ट्रीज का शेयर 52 सप्ताह के निचले स्तर शेयर बाजार समाचार:निफ्टी 17,000 से नीचे,सोना पहली बार 60,000 (investonomic.co.in)
Analysts initially expected a 50 basis points rate hike, but recent financial turmoil has caused most analysts to price in a 25 basis points rate hike.
Historical Gold Price in India
The historical gold price in India has been subject to various fluctuations due to several economic and political factors.
The following is a brief overview of the historical gold price in India:
- In the 1960s, the price of gold was around Rs. 18 per 10 grams.
- In the 1970s, the price of gold increased significantly due to the oil crisis and the US dollar devaluation. By the end of the decade, the price of gold had risen to around Rs. 540 per 10 grams.
- In the 1980s, the price of gold in India saw a sharp increase due to global political tensions and the US economic recession. By the end of the decade, the price of gold had risen to around Rs. 5,000 per 10 grams.
- In the 1990s, the price of gold remained relatively stable, ranging from Rs. 3,000 to Rs. 4,500 per 10 grams.
- In the early 2000s, the price of gold started to rise again due to geopolitical tensions and the weakening of the US dollar. By 2011, the price of gold had crossed the Rs. 28,000 mark per 10 grams.
- In recent years, the price of gold has continued to rise due to factors such as inflation, economic uncertainty, and the COVID-19 pandemic.
In summary, gold prices have hit an all-time high due to recent banking crises, causing investors to seek out safe-haven assets.
The price of gold has crossed the ₹60,000-mark per 10 grams for the first time in MCX’s history, while internationally, gold prices have risen above $2,000 an ounce for the first time in over a year.
The US Federal Reserve’s two-day meeting starting March 21 has raised expectations of a 25 basis points rate hike, as recent financial turmoil has led analysts to believe that the Fed will ease up on its aggressive rate hike cycle.
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