Gold Prices Hit New Record High

The price of gold continues to rise setting new records daily and today the gold prices surged by Rs 80 per gram to Rs 7,240 and by Rs 640 per sovereign to Rs 57,920 (8 grams). The rate for 18-carat gold stands at Rs 5,985 per gram and the bank rate for 24-carat gold has crossed Rs 79.5 lakh per kilogram, according to the Multi Commodity Exchange (MCX) on Friday.

The international gold price has reached $2,712 with the Indian rupee exchanging at 84.04 against the US dollar. It was said that the surge in gold prices is attributed to political uncertainties surrounding the US presidential election and ongoing wars.  This year, international gold prices have seen a $630 increase as in January 2024, gold was priced at Rs 5,855 per gram and Rs 46,840 per sovereign which has seen a significant increase of Rs 1,385 per gram and Rs 11,080 per sovereign.

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Gold and silver prices depend on various factors like the Rupee value against the dollar, Global demand, ⁠US economic data and the Federal Reserve’s interest rate decisions. Experts also predict further price fluctuations based on global economic developments and currency exchange rates.

Earlier this week, Gold prices surged to a new record with 24K gold now costing Rs 7,140 per gram with a 45 rupees increase making it Rs 57,120 for 8 grams and Rs 76,000 per 10 grams, according to the Multi Commodity Exchange (MCX).

The price of 18K gold also jumped to Rs 5,900 per gram. The bank rate for 24K gold has crossed Rs 79 lakh per kilogram. Globally, gold is trading at $2665 per ounce with the Indian rupee exchange. However, to determine the actual cost of gold, buyers must add 5% GST, 3% HUID charges and minimal labour charges. For instance, purchasing 8 grams of gold would cost around Rs 62,000e rate at 84.04.

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