Ever since the US central bank Federal Reserve raised its interest rates by 50 basis points, there has been a continuous rise in gold prices from overseas markets to Indian markets. On the Multi Commodity Exchange, gold prices have seen a rise of over Rs 2,900 in the last 5 trading days. What is special is that the gold price has hit a new record high on MCX after 70 days. The last time gold hit the all-time high was on July 17. Although on Tuesday the gold price crossed Rs 75,000 for the second time in the year, it could not break the all-time high.
According to experts, the Federal Reserve has not only increased the interest rate by 50 basis points but has also announced a reduction of 50 basis points in the remaining meetings of the current year. On the other hand, geopolitical tension is also considered to be the main reason for the rise in gold prices. The tension in the Middle East does not end. Due to which gold prices seem to be getting support. Let us also tell you how much increase has been observed in gold prices from Indian markets to foreign markets.
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Gold prices hit record levels
After 70 days, the gold price has set a new record high on MCX and that too with Rs 76 lakhs. Yes, gold on MCX has hit a new record high with Rs 76 lakhs. By the way, right now, i.e. at 10.20 am, gold prices are seen at Rs 162 and Rs 75,165 per gram. However, today gold prices opened with an increase of Rs 75,101. The last time gold hit the record high was on July 17, 2024. Then the gold price had reached Rs 75,128 per ten grams. However, a day earlier, i.e. on Tuesday, the gold price had hit the level of Rs 75,000 for the second time in the year.
Gold became more expensive by Rs 2900
There is a continuous increase in gold prices on MCX. In the last five trading days, gold prices have seen an increase of more than Rs 29. If we look at the data, the price of gold on September 18 was Rs 73,055. It increased to Rs 76,000 on Wednesday. If we look at the numbers, this year gold prices have brought huge profits to investors. On the last trading day of last year, the price of gold was Rs 63,203 per ten grams. In which it has seen an increase of Rs 12,797 so far. This means that investors are getting a return of 20.25 percent on gold per ten grams.
Gold prices in foreign markets.
On the other hand, gold prices have reached record levels on foreign markets. The Comex gold futures price is at $2,683.40 per ounce. While the spot gold price is at $2,659.27 per ounce. According to experts, the gold price may soon exceed the level of $2,700 per ounce on the Comex. At the same time, before the end of the year, the gold price may reach $3,000 per ounce. The all-time high of the Gold Spot is $2,670, which has yielded a return of 28.91 percent in the current year. On the other hand, gold futures are at their all-time high of $2,694 per unit, while in the current year they have yielded a return of 30 percent.
What do the experts say?
According to Anuj Gupta, Head of Commodity Forex at HDFC Securities, gold has broken a record of about 40 years in terms of returns in a year in the overseas market i.e. COMEX market. He said that while the effect of the Federal Reserve’s policy rate cut is already visible, on the other hand, due to geopolitical tension, gold prices are also witnessing a rise. He said that till the end of the year, the price of gold may reach $3 thousand per ounce. While in India, the price of gold on the Multi Commodity Exchange may remain between $78 thousand and $80 thousand.
