Gold price touches new high of Rs 77,300/10g

Ahmedabad: Gold prices in Ahmedabad touched a new high of Rs 77,300 per 10gm on Tuesday. The price rally of the yellow metal mirrored the international trend, where the rates touched a record high of $2,635.16 per troy ounce around 4.15 pm, according to the World Gold Council.
According to bullion traders, the gold price rose by 18.37% in the domestic market in 268 days since Jan 1, when the yellow metal rate was Rs 65,300 per 10gm.
Haresh Acharya, director of the India Bullion and Jewellers' Association (IBJA), said, "The interest rate reduction of 50 basis points by the US Federal Reserve, coupled with the ongoing geopolitical uncertainty, can be said to be the two key reasons for the sharp rise in gold prices in the international market."
Therefore, despite the import duty cut, precious metal prices are once again touching a new ceiling, he said.
The gold price on Tuesday increased by Rs 300 per 10gm in a single day to Rs 77,300 per 10gm, according to bullion traders.
Bullion traders expect many investors to book their profits in the coming days given the steep rise in yellow metal prices. "In the wake of rising economic uncertainty, central banks continue to invest in gold, further fuelling its rally. Escalating tensions due to the Russia-Ukraine war and unrest in the Middle East have further led to a rise in gold prices," Acharya explained.
With the sharp price rise, jewellers are now concerned over the demand in the coming days on auspicious muhurats as well as for the wedding season.
Box: Gold Price Rally in 2024
Date Price (Rs/10g)
Jan 1 65,300
Mar 8 74,000
Mar 21 75,000
Mar 30 76,000
May 20 77,000
Sep 23 77,000
Sep 24 77,300
Source: Bullion Traders