Gold prices continue to rise due to ‘safe investment’
New Delhi| Investing in gold is considered safe. The cut in customs rates was announced in Budget 2024, after which a continuous rise in gold prices has been seen. Prices have reached record highs this month. The yellow metal remains an attractive asset for Indian investors.
Gold was priced at Rs 75,940 per 10 grams at 2:05 pm on the last trading day according to the Bullion Association. Prices had reached Rs 76,390 in the first week of October and futures prices had also crossed Rs 75,000.
The rise in gold prices has been steady for the past few months, but since the beginning of this month prices have remained above Rs 75,000. Akshay P Bhagwat of JM Financial said, “Gold as a commodity has seen a tremendous rise”. In the short term it has taken little corrective action, providing an opportunity to buy on the decline”
Some analysts fear a halt to the rise in gold prices, but global cues such as the Fed cutting interest rates and other geopolitical tensions have pushed gold prices to record highs. “In the long run, given all the international turmoil, gold remains a safe financial asset, with investors investing a portion of their funds”, Bhagwat said.
The outlook on gold prices remains positive. Amidst market volatility and global conflicts, the yellow metal is being seen from a safe investment perspective. “Talking to the goals, the $3,000 target is being achieved on the long-term charts”, he continued.
