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Business EconomyPosted at: Apr 16 2024 5:06PM


Gold hits another record high of Rs 75300; Rupee hits record low against USD

New Delhi, Apr 16 (UNI) Amidst rising geo-political tensions and weakened Indian currency against USD, market witnessed another upward rally in Gold as it touched new record high of Rs 75300 per 10 gram in 24-Carat category with 999 points purity.
Indian currency, rupee also opened at record low today at Rs 83.51 against USD. This also contributed to Gold’s record high. According to RBI Reference rate rupee is at 83.4982 against a USD.
At a time of uncertainties like geo-political tensions in two different zones Isreal-Iran and Russia-Ukraine on the other, yellow metal is considered to be safe heaven as an investment vehicle.
Along with Gold, silver also touched a new high of Rs 85000 a kg.
According to traders the speculative buying and geopolitical situation are the reasons behind record high prices of both gold and silver.
Geopolitical tensions have continuously built in risk premium in the market and it has been seen year after year since 2020. In 2022 it was Russia-Ukraine war, last year conflict between Isreal and Hamas group which has now escalated to Israel and Iran, all these provide support to safe heaven assets like gold and silver.
Bullion prices are subject to many factors that shape supply and demand dynamics in the market. Current market rally in gold and silver prices led by foreign markets and according to sources some of the countries are buying gold as an alternate to accumulation of foreign exchange reserves.
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