Recently, the price of gold increased at an unprecedented rate. After an unprecedented rise of Rs 1,200 in a single day, the price of sovereign gold has increased to Rs 44,240 per sovereign.
The price of the yellow metal per gram has increased by Rs 150. The cost has expanded by Rs 3,520 in the range of seven days. In recent times, there has never been a spike in the gold price. Read More Business News on our website.
One sovereign of gold can be purchased in the state for Rs 48,000, even with the lowest making charge. When trading began in the US market, the rise in gold prices caused the prices to reach a record high. At the start of Friday’s trading, the price of gold had reached $1,960. The cost went up by $40.
The rise in the price of gold comes amid a decline in the value of the US dollar and a decrease in the yields on US treasuries. Prices will continue to rise if the Federal Reserve does not act to save the banking sector at the monetary policy review meeting on March 21.
The price may rise as high as $2,500 in the next few days, according to reports. India will also see a proportional rise in prices.