Gold price again made a record, for the first time gold crossed 85 thousand.
The price of gold continues to rise, the price of gold has once again set a record in the last trading of the week. The price of gold on the Multi Commodity Exchange has crossed the level of Rs 85 thousand for the first time. Between 9 and 10 pm, the price of gold has seen an increase of more than Rs 800. Due to which the price of gold crossed Rs 85,200 per ten grams and set a new lifetime high record. According to experts, the price of gold may increase even more in the coming days. The special thing is that in the current year, gold has given a return of more than 11 percent in the futures market. Let us also tell you how the figures of gold prices are being seen in the futures market of the country.
Gold once again made a record
Gold prices were once again seen making records on the Multi Commodity Exchange. According to MCX data, on February 7, between 9 and 10 pm, gold prices rose by Rs 835 per ten grams to a new lifetime high of Rs 85,279. Today, gold opened at Rs 84,653 and soon reached the day's low of Rs 84,433. Whereas a day earlier it closed at Rs 84,444. However, on Friday night at 10:30 pm, gold prices were trading at Rs 84,959 with a rise of Rs 515.
How much increase this year
A tremendous increase has been seen in the price of gold in the current year. If we look at the data, the price of gold has increased by more than 10 percent. On the last business day of December 31, the price of gold is at Rs 77,456. Whereas on Friday the price of gold had reached Rs 85,279. This means that the price of gold has increased by Rs 7,823 per ten grams at present. If experts are to be believed, the price of gold may increase even more.
Prices at record levels in foreign markets
On the other hand, gold prices have seen a good rise in foreign markets and prices have crossed $2,900 per ounce. During the trading session, gold futures prices rose by $29.40 or 1.02% to around $2,906.10. On the other hand, gold prices are trading flat at $2,858.43 per ounce. On the contrary, pressure is being seen in silver prices and silver prices are at a level of more than $32 per ounce.
Why did the boom come
Gold's rise comes amid US job data that showed the world's largest economy created fewer jobs than expected in January but more than initially thought in December, leaving the outlook for rates more or less unchanged. According to a Reuters report, the Labor Department said the number of workers on non-farm payrolls rose by 143,000 in January, below expectations of a 170,000 rise and down from December's revised 307,000.
what the experts say
Augmont's Head of Research Renisha Chainani had said that with continued geopolitical, political and broader uncertainty, gold and silver are expected to retain their appeal as a hedge against inflation, as she is confident about gold's long-term potential and expects the bullion metal to reach a target of Rs 85,000 over H125. She had said that internati