Gold will soon be Rs 60,000 and silver will be so expensive, know how far Gold-Silver will go this year!

gold and silver The trend of price rise continues. In the domestic bullion market, the price of gold reached Rs 56,701 per 10 grams. The price of silver has also gone up to Rs 70,054 per kg. With this gold has broken its previous record high. Experts say that this year the price of gold and silver will increase further and soon gold will reach Rs 60,000 per 10 grams. A top official of the Madras Jewelers and Diamond Merchants Association has said that gold prices are expected to touch Rs 60,000 per 10 grams of 24 carat soon. The official said buyers are now continuing to buy as gold will move higher if the Russia-Ukraine war escalates and inflation continues to rise along with the recession.

Gold rises on fear of recession

Jayantilal Challani, president, Madras Jewelers and Diamond Merchants Association, and partner, Challani Jewelery Mart, said, “The price of 24K gold is expected to touch Rs 60,000 per 10 grams in a few days.” The price on Monday was 58,550/24 carat 10 grams including tax. According to Emkay Global Financial Services, fear of recession in the west and geopolitical tensions will keep gold in focus. MK Global said, gold is trading in the range of $1,800-$1,880 in the last one month. The signs of US Fed rate cut possibility helped gold to move higher from $1,680-$1,730 levels to $1,850-$1,880.

Gold is a safe investment medium

In India, the prices are trading at an all-time high on demand during the wedding season. Globally, it is trading 5-6 per cent below its all-time high recorded in September 2022. Gold is considered a safe haven and often attracts investment in times of uncertainty and recession, a downturn in the economy. In addition, institutional buyers such as central banks bought 50 tonnes of gold on a net basis in November, up 47 per cent month-on-month, MK Global said.

Gold 60 thousand and silver 78 thousand

IIFL Securities Vice President of Research in Anuj Gupta told India TV that gold and silver prices are expected to remain bullish till Diwali this year. I believe that by Diwali, the price of gold will exceed Rs 60,000 per 10 grams, while the price of silver will reach Rs 78,000 per kg. Beyond this, the price of silver can go up to Rs 80,000 per kg. Overall, the price of gold and silver is expected to remain high throughout this year.

Record broken after August 2020

In January this year, gold has broken its previous record. The price of gold had earlier reached a record high in August 2020 i.e. about 29 months. During the trading session on August 8, 2020, gold prices had reached a record high of Rs 56,200 per 10 grams for the day.