There are also growing expectations that the Federal Reserve may cut rates in the coming months. Expectations of lower interest rates make the financial instrument less attractive to investors than gold, which is considered a safe investment.
चमका सोना चमक ने तोड़े सारे रिकॉर्ड, ऑलटाइम हाई पर पहुंचे Gold rate
Gold prices in India have reached an all-time high amid the wedding season and rising global rates of the precious metal. The price of 24 carat gold reached Rs 64,530 per 10 grams in morning trade in Chennai.
The precious metal was priced at Rs 63,760 per 10 gram in Mumbai, Delhi, Bengaluru and Kolkata, higher by Rs 810 from the previous day. Gold prices have also reached the highest level in seven months in the international market. Spot prices rose 1.6 percent to $2,069.10 an ounce on Friday.
India imports gold in large quantities and rising global prices have a direct impact on the domestic market. Gold prices are rising in the global market as the dollar continues to depreciate against major currencies and is currently close to a three-month low, making it cheaper to buy gold in other foreign currencies.
There are also growing expectations that the Federal Reserve may cut rates in the coming months. Expectations of lower interest rates make the financial instrument less attractive to investors than gold, which is considered a safe investment.
Demand for gold remains strong in the domestic market amid the wedding season as the precious metal is gifted in large quantities to brides and grooms.
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