A tremendous jump has been observed in the price of Gold on Tuesday. Gold prices soared by Rs 5,080 on September 9, reaching an all-time high of Rs 1,12,750 per 10 grams in the national capital. The sharp rise has been attributed to strong global trends influencing the precious metal market. Since the beginning of the year, gold prices have increased by Rs 33,800 per 10 grams, or nearly 43%. On December 31, 2024, the price stood at Rs 78,950 per 10 grams. According to the All India Sarafa Association, gold of 99.9 per cent purity had closed at Rs 1, 07,670 per 10 grams on Monday.
What Is The Reason Behind Surge In Prices?
This rise in gold prices has been influenced by several factors. Experts believe that the global economic situation and the strength of the US dollar have pushed prices up. Gold has always been considered a safe investment, especially when there is volatility in the stock market. After the fall in equity markets earlier this year, investors’ interest increased towards gold, leading to increase in its demand and prices. Apart from this, reports of increasing gold reserves by central banks globally is also affecting the prices. This trend is likely to continue in the coming days.
Invest For Long Term
If you are thinking of buying gold, it is important to know that the current prices are quite high. Still, it can be a good option for long-term investment. Always check the purity of gold (22 or 24 carats) before buying and buy only from trusted jewellers. If you want to invest in small amounts, you can also consider options like Sovereign Gold Bonds (SGBs) or Exchange Traded Funds (ETFs).
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