Gold prices are rising in India and are not stopping, reaching new heights every day. 10g of Gold now will cost up to 1 Lakh. As soon as trading started on MCX, the price of gold rose by INR 1700.
The costs of gold are setting records every day. Amidst the turmoil in the US stock market and the decline in the dollar index on Monday, gold had another significant surge. On Tuesday, when trading began on the Multi Commodity Exchange (MCX), it increased by over Rs 1700, crossed Rs 99,000 per 10 kilos, and hit a new all-time high. When considering the domestic market, the price of gold has surpassed Rs 100,000 after accounting for GST and manufacturing charges.
10g of Gold now will cost up to 1 Lakh
On Monday as well as on Tuesday, the price of gold opened with a rise. Gold with a June 5 expiration date began trading at Rs. 98,551 per 10 grams, but it quickly surged to a record high of Rs. 99,178 per 10 grams. On the Multi Commodity Exchange, the price of gold has increased by Rs. 3,924 in just two days. Last week it was closed at Rs. 95,254 per 10 grams.
According to calculations, the price of 10 grams of gold has increased by approximately Rs 6,000 in the last six business days. On Monday, April 14, the first day of last week, the futures price of gold on the Multi Commodity Exchange was Rs 93,252 per 10 grams, and on April 22, it increased to Rs 99,178.
Regarding the domestic market, the price of 10 grams of 24-carat gold with 99.9 percent purity on Tuesday was Rs 99,200. These IBJA rates include GST and insurance-making fees. Ten kilos of gold will cost more than Rs 1 lakh on the domestic market if 3% GST and other fees are added.
Do rising gold prices have a positive or negative impact?
It depends on whether you are a holder or a buyer. If you are a gold holder then it’s good news for you as price of gold increase the more profit you will have, But if you are buyer then it will empty your pockets.
Increasing gold prices may also indicate economic instability. Gold prices may rise as a result of investors seeking safe-haven assets when they are concerned about the state of the economy. This could be a justification for taking the overall state of the economy into account when choosing investments.
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