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Happy New Year 2024 Gold Will Be The King Of Investment Can Go Past 70 Thousand Rupees Per 10 Gram

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Year 2024: The year 2023 was very special for companies and investors. Many profitable IPOs came. The situation of the economy was also very positive. Besides, investors also got huge profits on the stock market. but sleep quietly year 2023 It also remained the number one choice of Indian investors. Gradually the prices of gold continued to rise. Gold started the year at around Rs 56 thousand per 10 grams and by the end of the year, gold crossed the price of Rs 64 thousand. Gold’s dominance is expected to continue in the coming year 2024. It is believed that the gold rates Can reach up to Rs 70 thousand per 10 grams.

Gold rates will continue to rise due to turmoil in the world

According to experts, there is every possibility of gold price increasing due to stability of rupee, geopolitical uncertainties and global slowdown. The price of gold on the commodity stock exchange MCX is Rs 63,060 per 10 grams and in the international market it is around US $ 2,058 per ounce. Currently the price of one dollar is more than Rs 83. Tension increased in the Middle East due to the war between Russia-Ukraine and Israel and Hamas. Due to this, gold rates skyrocketed again in the beginning of December. A similar rise in gold rates will continue in the year 2024 also.

Gold can reach Rs 70,000

Gold has touched the highest level of about Rs 64 thousand per 10 grams and US $ 2,140 per ounce in December. Market experts have expected that its price will increase to US $ 2,400 in 2024. If the rupee remains stable then there is every possibility of gold reaching the level of around Rs 70,000. Foreign institutional investors may sell during the general elections in India. This may weaken the rupee further. Due to this, the price of gold may increase further.

Retail jewelery purchases decreased

According to experts, the purchase of retail jewelery has reduced due to the increase in the price of gold. The demand for solid bars and coins has increased in the market. The price of gold has also increased due to the strengthening of the US dollar. The US Federal Reserve has increased interest rates to the highest level in 22 years. This has also increased the rates of gold.

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