In the last 3 trading days, the price of gold has seen an increase of about Rs 2600.
Be it the country’s capital Delhi or the futures market, gold prices have crossed the level of Rs 65 thousand at both the places. Late evening on Tuesday, the price of gold on MCX crossed Rs 65 thousand. Whereas Delhi Bullion Market had informed on Tuesday evening that the price of 24 carat gold has crossed Rs 65000. The special thing is that 20 days before Holi, the price of gold has taken a big jump in just 3 trading days. In these 3 trading days, the price of gold has seen an increase of about Rs 2600 per ten grams in the futures market. At the same time, an increase of more than Rs 2000 has been seen in the bullion market of Delhi in three trading days. Let us also tell you how the price of gold has seen a rise in the future and spot markets of the country in the month of March.
How much did gold earn on MCX?
If we talk about the earnings of investors from gold on the futures market Multi Commodity Exchange, it has reached around Rs 2600 in three trading days. This means that an increase of Rs 2600 has been seen in the price of gold. When MCX closed on February 29, the last trading day of last month, the price of gold was Rs 62567. After that, before the market closed on February 5, the price of gold closed at Rs 65,140. Which has become a new life time high. During this period, the price of gold has seen an increase of Rs 2,573 per ten grams.
Gold journey on MCX in March
Gold price in Delhi bullion market
On the other hand, in the country’s capital Delhi also, the price of gold reached Rs 65,000 per ten grams. This is the first time that the price of gold has reached Rs 65 thousand in the bullion market of the country’s capital Delhi. When on the last trading day of February, the price of gold was below the level of Rs 63 thousand. When the market closed on 29 February, the price of gold was Rs 62,970 per ten grams. Which reached Rs 65 thousand after three trading days. This means that in the month of March, till March 5, there was an increase of Rs 2,030 per ten grams in the price of gold.
This is how gold prices increased in Delhi bullion market
Why was there a rise?
Jatin Trivedi, Vice President, Research Analysis Department, LKP Securities, said that gold prices witnessed a rise due to increased speculation about interest rate cut by the US Federal Reserve in June. Thus, in the last three days, an increase of more than Rs 2,400 was seen in MCX. He said that signs of decline in industrial and construction spending in America as well as reduction in inflationary pressure also boosted growth. If experts are to be believed, there will be an increase in the price of gold in the coming days.
What will be the prices after the elections?
Now the biggest question is that how much rise will be seen in the price of gold in the coming days? According to Anuj Gupta, Commodity Currency Head of HDFC Securities, the price of gold can reach Rs 66,500 per ten grams in the months of May and June. On the other hand, what kind of decisions are taken by the Fed in the months of May and June? Also, a lot will depend on how America’s economic figures are.