Rising Gold prices attributed to weaker dollar
Gold once again went above Rs 53,600 per 10 grams. This is the highest price of gold in about 27 months. Earlier on August 18, 2020, gold had gone up to Rs 53,815. In 2021 it never touched the level of 53 thousand. In fact, due to the fall in the dollar, the price of gold has increased worldwide. Its effect is also being seen in the Indian market.
According to the India Bullion and Jewelers Association (IBJA), the price of gold (24 carat) rose to Rs 53,611 per 10 grams on Friday. Gold became costlier by Rs 860 in just two days and by Rs 1,261 in last 10 days. On November 23, gold was Rs 52,350 per 10 grams. Earlier in 2022, only once on April 18, gold had gone above Rs 53,600 to Rs 53,603.
IBJA gives the average price of gold in 14 major cities of the country. According to analysts, the rise in gold may continue in 2023 as well. This price of gold is also special for India because about 25 thousand tonnes of gold is estimated to be present in people’s homes in our country.
