Gold prices latest news today: Ahead of Akshaya Tritiya, gold prices touched fresh record highs in India, owing to the demand and weakening rupee. Bloomberg reported that the yellow metal considered to be a safe haven has increased by about 15% in the past year in India. Prices were at Rs 31,000/per 10 grams and have now surpassed Rs 60,000 (60,455 rupees per 10 grams to be precise) giving nearly 100 per cent returns in the last four years. For the unversed, India almost all the gold it uses, mostly from Switzerland and the UAE.
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Speaking to Bloomberg, PR Somasundaram, regional chief executive officer for India at the London-based council asserted that people tend to wait and watch, and they want to be sure that this is not a blip and that prices will continue to rise. “If prices steady around current levels, demand may return for the key buying day of Akshaya Tritiya in April, but continued volatility will force people to stay away”, he added.
Earlier this month, a research analyst had predicted Gold prices will go up further if the US Federal Reserve hike the interest rates by 25 basis points (bps) or lower along with “non-visible” or “hawkish” speech”. “Any hike in line with 25 basis point or lower along with non-visible or hawkish speech will be strongly positive for Gold and levels of 2040-2050 in Comex and 61500 odd will be seen in coming days,” said Jateen Trivedi, VP, Research at LKP Securities.
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On the flip side, any higher hike than 25 bps with a “hawkish” speech shall bring Comex Gold back to $1,940-odd levels and Rs 57,000 in MCX which shall again act as buying bets, he added. Trivedi said the yellow metal have been giving strong returns since 2019.
