Gold Price Updates: The price of gold has surpassed the historical milestone of Rs 60000 per 10 grammes for the first time. Gold achieved a record amount of Rs 60065 per 10 grammes on Monday, March 20, 2023, during the day’s trading on the MCX. Investors are buying in gold to secure their capital after strong selling in the stock market and other commodities. Gold is trading at a new historical record level as a result of increased buying.
Gold prices have risen by approximately Rs 1000 per 10 grammes
In the morning, gold on the MCX opened at Rs 59418. But, as the day progressed, gold first crossed the 60000 mark and subsequently touched Rs 60418 per 10 grammes. That example, in today’s market, gold prices have risen by approximately Rs 1000 per 10 grammes. Not only are gold prices rising, but so are silver prices. Silver has surpassed Rs 69000 per kilogramme and is now trading at Rs 69100 per kilogramme.
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The famed Swiss investment bank Credit Suisse also failed
Following the failures of Silicon Valley Bank and Signature Bank in the United States, the famed Swiss investment bank Credit Suisse also failed. Owing to the banking crisis, there has been substantial selling in stock markets around the world, including the Indian market. Investors are expanding their gold investments by selling stocks. Given the current world circumstances, gold is considered the safest investment. If the bond rate in the United States falls, so will the dollar index. On the other hand, on March 22, the US Federal Reserve will make an interest rate decision, with a quarter percent interest rate hike forecast. In this case, investors can exit the securities market by selling them and increase their investment in gold. Gold prices are rising as a result of these assumptions.
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