Akshaya Tritiya 2024: Gold price rises ₹40,000 in five years. Experts see up to ₹85K peak next year
Akshaya Tritiya 2024: On account of falling US dollar rates and rise in the domestic demand, gold rate today witnessed sharp upside movement during early morning deals. Gold future contract on the Multi Commodity Exchange (MCX) for June 2024 expiry opened higher at ₹71,730 per 10 gm and touched an intraday high of ₹72,230 per 10 gm mark within fewe hours of the commodity market's opening bell.
In the international market, COMEX gold price has risen to the tune of $21 per troy ounce to $2,361 mark wheras spot gold price is oscillating around $2,355 per ounce level. According to the commodity market experts, gold price today is in uptrend due to the fall in the US dollar prices.
They said that the Centrtal Bank of England kept the interest rate unchanges that has put pressure on the US dollar. They said that Indians are clebnrating Akshaya Tritiya today, which has spurt domestic demand as well.
Speaking on the reason for rise in gold rates today, Anuj Gupta, Head of Commodity & Currency said, "Gold price is rising today as the US dollar price has come under pressure as the Central Bank of England has decided to keep interest rates unchanged. As the market was expecting a rise in interest rates, prodit-booking has triggered in the currency market leading to rise in the gold prices." Anuj Gupta went on to add that Indians are celebrating Akshaya Tritiya today, which is considered an auspicious day to buy gold.
This has spurt domestic demand for gold and silver, which is also a reason for rise in gold price today. "Comparing the returns given by gold on Akshaya Tritiya, the yellow metal has surged from ₹31,729 per 10 gm in 2019 to ₹72,100 per 10 gm levels, logging nearly ₹40,000 per 10 gm rise in this period." Highlighting
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