Gold hit a 19-month high in the Indian market. Shortly after the market opened on Tuesday, the price of 10 grams of gold on the MCX index crossed the Rs 54,000 mark. At one point the price reached Rs 54,190. For the time being, the price of yellow metal has come down to Rs 53,929.
Gold prices have soared in the Indian market due to the ‘war’ between Russia and Ukraine. Which has reached an all-time record level in the Indian market. At present, the price of 10 grams of gold is falling below the record of Rs 2,000. In August 2020, the price of 10 grams of gold in India reached Rs 56,191.
The future of gold prices in India
According to Anuj Gupta, vice-president of IIFL Securities at Hindustan Times Group’s Live Mint, gold prices have reached a 19-month high as the war situation in Russia and Ukraine has become more complicated. The sighting of U.S. warplanes near the Ukrainian border has added to tensions in regional politics. As a result, the world’s equity market has suffered. Crude oil and metal prices have risen in the world market. The price of Indian currency has fallen. Gold prices have risen as the Indian rupee has weakened against the US dollar.
At the same time, according to Sugandha Sachdeva, president of commodities and currency research at Religre Broking Ltd, given the current situation and these factors, the price of 10 grams of gold could initially go up to Rs 56,000. Then if the price of gold can stay above a constant level, then in the future the price of 10 grams of gold may reach around 60,000 rupees.