Gold Rate Update: Yellow metal recorded highest value on the first day of this fiscal year

Gold Rate Update: HDFC Securities reports that on the very first day of the financial year 2024, gold prices surge by Rs 1800, reaching a historic high of Rs 69,487 per 10 grams in New Delhi, in line with robust global trends. MCX Gold and Silver futures also experience gains in the previous trading session, with the April gold contract settling slightly higher at Rs 67,725 per 10 grams, while the May silver contract maintains stability at Rs 75,044, albeit with a marginal negative inclination. Additionally, U.S. gold futures observe a significant increase of 1.8%, reaching $2,279.10, as reported by Reuters.

Gold Rate Update: Price of gold in some major cities as Good Returns

Gold Rate Today: Checkout the rates on MCX

Investors favour gold as a hedge against potential economic downturns because of its historically low correlation with other financial assets. Rising gold prices usually result in lower bond yields. Gold futures maturing on June 5, 2024, traded at Rs 69,812 per 10 grams for 24 carats on the multi-commodity exchange (MCX), up 1.64 percent. However, the price of silver is currently up 0.88 percent to Rs 75,710 per kilogram.

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