Gold Prices At Record High: Crude oil production decreased in OPEC countries, then gold prices rose, then gold crossed Rs 60,000

Gold Prices At Record High: After slowing down for a few days, gold prices have started touching the sky again. Gold has again crossed Rs 60,000 per 10 grams. After the decision of OPEC to cut the production of crude oil, the prices of crude oil have increased, so there is a sharp rise in the prices of its gold. Gold is trading around Rs 60045 per 10 grams. 

Gold prices are witnessing a rapid rise in the international market and it is trading at $1985 per ounce. Comparing this in rupees, again gold is trading above Rs 60,000. It has been decided to reduce crude oil production by 1 million barrels per day in OPOC-plus countries. Due to which there has been a jump in the prices of gold.  Earlier, on March 20, 2022, gold reached the level of Rs 60,418 per 10 grams, crossing Rs 60,000 on the Multi Commodity Exchange. Then due to the banking crisis in America, there was a boom in gold. And now due to cut in crude oil production. 

In the current global situation, investment in gold is considered to be the safest. Whenever inflation is high, investors invest in gold for hedging and saving their hard earned money. And people investing in gold have never been disappointed. There are signs of recession in America Europe in the second half of this year. In such a situation, investors are trying to secure capital by investing in gold. Investors who have invested in gold in 2023 have got a return of more than 10 per cent or Rs 5600 per 10 grams. On the last trading day of 2022, gold was at Rs 54,790. In the beginning of 2022, gold was at Rs 47850. Means in these 14 months gold has given a return of 26% or Rs 12550 per 10 grams. 

Earlier today, gold on MCX closed at Rs 59,730 with a gain of Rs 328 or 0.55 per cent. While silver has closed at Rs 72,413 per kg with a gain of Rs 195 or 0.27 per cent.  

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