Today news
About the same in other media
Gold prices rally ahead of Akshaya Tritiya. What investors should know?
Reading now: 449
Akshaya Tritiya, which is on May 10, has always seen fervent gold purchases stemming from the belief that investments made on this day would never diminish, thus bringing everlasting prosperity. Over the past three to four months, gold prices have shown significant volatility, experiencing roller coaster-like movements.
The precious metal has surged approximately 20%, hitting a record high of $2,431 per ounce in the international market on April 12 and exceeding Rs 74,000 in the Indian market due to strong purchases by central banks and demand from retail investors amid growing geopolitical tensions.
What is pushing gold prices higher?
- Fed: Gold prices edged higher as investors got fresh clues about whether the Federal Reserve will start easing its monetary policy from September 2024. Fed policymakers indicated they still expect to reduce interest rates by three-quarters of a percentage point by 2024 end, despite unfavourable economic data.
- De-dollarisation and reserve diversification: Second driving forces behind gold’s rising demand are from global central banks, which hold the physical metal (i.e., bullion) as part of their monetary reserves. As per the World Gold Council reports, global central banks continued buying gold and they added 16MT of gold in March month and total purchases reached 290 tonnes in the first quarter of this year.
- Uncertain global environment: We are still not out of the woods as Ukraine-Russia tension is still on, while new conflicts emerge between Israel and Palestine, and Israel and
About this in other media
Indian stock market: 6 key things that changed for market overnight - Gift Nifty, US Fed to oil prices livemint.com /5 months ago
Indian stock market: 7 key things that changed for market overnight - Gift Nifty, Nasdaq at record high to oil prices livemint.com /6 months ago
Gold hits new record high on rising US Fed rate cut expectations, renewed Middle East concerns livemint.com /6 months ago
Show more
The website fvbb.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
