Gold Price: Gold price may cross one lakh by Akshaya Tritiya, continues to rise due to tariff Gold prices are likely to cross Rs 1 lakh per 10 grams by Akshaya Tritiya this year.
Gold price at present: At present, it is above Rs 96,000. Since Akshaya Tritiya last year, the price of gold has increased by 32 percent. Analysts say gold has been on a steady rise since the beginning of the year. Every third day it has touched new heights. Now it is moving towards touching one lakh rupees level.
Why is the price of gold rising?
- The economic policies of US President Donald Trump are constantly increasing the risk of trade war.
- The wedding season is going on in India. During this period, demand and price are increasing due to the purchase of gold.
- It is constantly weakening against the dollar. Its effect is also being seen in gold prices.
- Inflation in the global market still remains a matter of concern. That‘s why people are investing in gold.
- Due to the steep fall in the stock market, the trend of investors is moving rapidly towards gold.
- US President Donald Trump has decided to impose a 25 percent tariff on steel and aluminum. This has raised fears of a global trade war. Due to this, investors are inclined towards safe–haven assets such as gold.
Global Economical situation impact: In the current global situation, it can touch this psychological level any day. On Friday, gold prices had seen a big jump of Rs 6,250, which crossed Rs 96,000 for the first time. In fact, due to tensions between many countries and US tariffs, the prices of this precious metal, which is considered safe, have seen a tremendous rise this year. Gold has become costlier by 22 per cent or Rs 17,000 so far this year.
Buying Gold on Akshaya Tritya: Analysts say that buying gold on the day of Akshaya Tritiya is considered auspicious. Therefore, from retailers to retail customers, heavy buying can be seen this month. In such a situation, prices can increase due to increase in demand. Akshaya Tritiya is on April 30 this year. After that, the auspicious time for marriage will also start. In such a situation, there will be a trend of continuous buying in gold from here. On May 10, 2024, on the day of Akshaya Tritiya, the price of gold was Rs 73,000 per 10 grams. Now it has crossed Rs 96,000.
Gold price on upper trend: In recent times, the rupee has also improved significantly against the dollar. Due to the pressure on the dollar, the prices of the yellow metal are expected to rise. In six years, one lakh has been made more than three lakhs. Gold has given more than three times returns to its investors in six years. In 2019, the price of 10 grams of gold on the day of Akshaya Tritiya was Rs 31,729. In 2020, it crossed Rs 46,000 on the day of Akshaya Tritiya, an increase of 32 per cent. In 2021, it crossed Rs 47,000 with a gain of 2.5 per cent, and in 2022, it crossed Rs 50,000 per 10 grams for the first time with a jump of 6 per cent. Gold rose 15 per cent in 2023 to close to Rs 60,000 and in 2024, it rose by 20 per cent to close to Rs 73,000. Gold has given its investors a compound annual growth rate of more than 10 per cent over the past 15 years. It is expected to continue to grow further.
Goldman Sacks report on Gold price: Goldman Sachs also raised its forecast range to $3,250-$3,520 from $3,100-$3,300 earlier, according to its research note.
The bank raised demand assumptions by central banks to 70 tonnes a month from 50 tonnes earlier amid heightened U.S. policy uncertainty and on expectations that China may continue purchasing at rapid pace for another three to six years.
Gold Price Today in India: Gold is making new highs everyday