Gold prices reach record new high, know how prices increased, Ender 2023
Business Desk: The year 2023 was very special for gold. Gold prices have seen a rise since the beginning of this year. Till now gold has given a return of about 13 percent. The rise in gold value in India was seen at the domestic as well as global level and during this period gold reached a new highest level.
Gold price
Talking about the domestic level, according to the Indian Bullion Jewelers Association, the gold price of 24k is Rs 62,370 per 10 grams. The price of 22k was Rs 60,870 per 10 grams, the rate of 20-carat gold was Rs 55,510 per 10 grams, the rate of 18-carat gold was Rs 50,520 per 10 grams and the gold of 14-carat gold was Rs 40,230 per 10 grams.
A rise in gold values was also seen at the international level in 2023. It broke its record high of $ 2,081 an ounce and reached $ 2,148 an ounce.
Reasons for rising gold prices
This year started with the US Banking Crisis, which attracted investors towards gold and saw buying in gold.
global instability
After a bullish start to the year, gold value witnessed a slowdown in the second and third quarters, but the threat of increased global instability due to the Israel and Hamas purge saw a surge in gold values.
dollar weakness
Due to low inflation, the US Central Bank is likely to reduce interest rates, which is weakening the dollar and supporting gold prices.
purchases of gold by central banks
Central banks have purchased gold in large numbers in the recent past, due to which gold values have recorded a surge.
domestic demand
An increase in gold value was seen due to domestic demand during the festive season, especially during Diwali, Dhanteras, and wedding season.