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Gold Price Reaches New High of Rs 61,000, Silver Up 40% as Investors Seek Safe Haven

Gold hit a fresh high of Rs 61,000 in national markets and one-year high in international markets with silver also seeing an upswing in investment, offering high returns of 40%. The price of gold in international markets shot up to $2,032 per ounce while in the MCX, prices reached Rs 61,181 for every 10 grams and traded at an average of Rs 60,978 on Wednesday. The weak dollar and economic and political uncertainties are drawing investors to gold.

The regional chairman of Gems & Jewelry Export Promotion Council, Kolkata, Pankaj Parekh, believes these developments are giving gold a promising future in both national and international markets. Bhargav Vaidya of BN Vaidya Associa is bullish on the growth trajectory of the yellow metal, envisioning prices going up to Rs 65,000 by March 2024 and international rates around $2,100.

Jayantilal Challani, the president of Madras Jewelers & Diamond Merchants, also agrees that gold is a favourite investment option given present circumstances.

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