Gold At All-Time High: Gold rates at the highest level in October, due to this the golden metal is shining more.

Gold At All-Time High: Gold rates at the highest level in October, due to this the golden metal is shining more.

Gold At All-Time High in International Market: The festive season is going on in the country and during this time gold and silver jewellery, gift items, coins etc. are purchased. At present, the shine of gold and silver has increased in the domestic market, but in the global market, gold has reached an all-time high. Gold rates in the international market have crossed $2000 per ounce and this has already happened in October 2023. Gold prices have been rising since the beginning of this year. At present, the price of gold has been rising for three consecutive weeks and today is the fourth week when gold prices remain strong.

Why are the prices of gold metal rising

Last year, due to the Russia-Ukraine war, a bullish period was seen in gold and now due to conflict and tension in the Middle East, investors’ confidence in the golden metal is increasing again. Gold is always seen as a safe investment and in the current circumstances people are again getting attracted towards gold.

Know how gold’s business journey has been this year

If we talk about the year 2023, the prices of gold have been rising continuously since January this year. In January, the global rate of gold was at $ 1823 per ounce, whereas by May 2023, the gold rate had reached $ 2051 per ounce. Although in October, gold rates once again fell to $ 1820 per ounce, these prices are as of October 4, 2023. After this, the rise seen in gold was quite surprising and within 25 days, gold has once again reached the rate of 2005 dollars per ounce.

How are the global rates of gold today?

Today a huge rise is being seen in the rate of gold and it went up to the rate of $ 2,016.70 per ounce. At present, a rise of $ 5.65 per ounce is being seen in gold and it remains at $ 2004.20.

Gold is currently at all-time high in many countries of the world

If seen, this October, gold is trading with a strong rise in some other countries including Australia, Japan, China and Taiwan and is running at all-time high in these countries.

Some more reasons for the rise in gold price

  • Tension is at its peak in the Middle East due to the ongoing war between Israel and Hamas since October 7. Thousands of deaths, destroyed cities and destroyed businesses are the factors of this war which are having a negative impact on the whole world. For this reason, investors are moving away from general investment towards gold and the purchase of gold has increased in recent times.
  • The second big reason is that the government debt in America has crossed the level of 33 trillion dollars, due to which the impact of the dollar is being seen. Due to the co-relation between the dollar and the price of gold, its effect is being seen in the form of increase in gold prices.
  • High trading volume is being seen in gold and this is not just about India or America, it is being seen everywhere.
  • Bond yield is at a 16-year high but despite this, funds are being seen buying gold, which is an indicator that funds are also confident about gold buying.
  • Gold consumption is increasing significantly in countries like India and China. If we look at the figures

Tremendous rise in gold prices in India too

In India too, the price of gold is increasing tremendously and here in the gold futures market it is coming close to Rs 62,000. Even today gold is trading with an increase. If we look at the price of gold in the retail market, the gold rate in the country has reached above Rs 62500. There are full expectations of further rise in gold rates this month because the biggest festivals for purchasing gold, Dhanteras and Diwali, are coming in November. Heavy gold purchases are expected on Dhanteras on 10th November and Diwali on 12th November. 

Read this also

Karwa Chauth 2023: There will be business worth Rs 15 thousand crore across the country on Karwa Chauth, CAIT is hopeful

Get more latest business news updates

Scroll to Top