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Gold may hit record high in July. Will it breach Rs 75,000?

Sagar Patel

By Sagar Patel

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Gold and silver prices have again soared in the month of July. Where gold has given a return of 2 percent in the month of July. On the other hand, silver price has made investors gain more than 7 percent. In such a situation, hopes have once again risen that gold price will breach the Rs 75,000 level. On the other hand, silver prices may also breach the Rs 97,000 level, breaking its previous record.

According to experts, the rise in gold and silver prices is due to political uncertainty at the global level and falling dollar index. However, there have also been hints of rate cuts by the Federal Reserve. So gold seems to be getting support. Let us also tell you what experts say about whether gold crosses the Rs 75 lakh level in the current month or not.

Gold and silver shine in the current month

Firstly, if we talk about gold, investors have gained a lot in the month of July. In the first week of July, a rise of Rs 1,459 was seen in the price of gold. This means that investors have earned returns of over 2 per cent. When trading was closed on July 5, the price of gold had reached Rs 73,051 per ten grams.

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On the other hand, if we talk about silver, investors get more returns than gold. According to the data, the price of silver increased by Rs 6,387 in the month of July itself. This means that silver has provided investors with a return of 7.33 percent. On July 5, the price of silver had reached Rs 93,554 per kg.

What is the increase in the current year?

If we talk about the current year, gold has generated huge profits for investors. According to the data, the price of gold has seen an increase of Rs 9,848 in the current year. This means that so far this year, investors have gained 15.58 percent. Secondly, silver has generated more profits for common investors than gold. In the current year, an increase of Rs 19,124 has been observed in the price of silver. This means that silver has given investors a return of 25.69 percent.

Demand for political uncertainty

According to Anuj Gupta, Head of Commodity FX at HDFC Securities, there is currently a surge in the dollar index. That is why gold is getting support. At the same time, gold is also getting support from the US CPI and PCE data. On the other hand, demand for gold is also increasing due to political uncertainty. He said that the gold price is likely to breach the Rs 75,000 level by the end of the month.

This is also the reason

According to Kedia Advisory, gold was stable in the local and international markets in June. While in the international market gold seemed stuck at $2,300, in the local market it was seen only above Rs 70,000. Now gold seems to be breaking through that level. At the same time, dovish comments have been seen from the Federal Reserve. At the same time, geopolitical tension is also supporting gold. Gold buying by central banks is continuously being observed.

Sagar Patel

Sagar Patel

I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,

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