highlights
Gold has returned 8 percent on MCX from January to March.
After breaking the key level, a big surge in gold price is observed.
Investing in gold is considered safe due to fears of an economic recession.
New Delhi. Following the news of the banking crisis in America, gold has once again proven to be a safe option for investors due to the major turmoil in stock markets around the world and there has been an enormous price increase. Gold prices have outperformed all asset classes in terms of returns in the first quarter of CY 2023 on fears of an economic slowdown. From January to March, gold prices on MCX ranged from £54,975 to £59,371 per 10 grams. Gold has returned about 8 percent in the March quarter of 2023.
According to commodity market experts, the price of gold is still in an upward trend, and after breaking through the important level of the price of gold in the domestic and foreign markets, a large increase in the price of gold can be observed.
Also read this – Gold and Silver prices hit seventh heaven again, check today’s current price
Why the rise in the price of gold?
Market analyst Sugandha Sachdeva commented to Mint on the continued rise in gold prices: “Gold prices rallied significantly in March and remained one of the best-performing assets in the first quarter of this year, rising nearly 8%. The soft stance of the US Federal Reserve, inflation concerns, recession concerns in the global economy and the central banks’ heavy gold purchases have led to a rise in the price of gold. Because gold is considered the safest investment in such times.
How far will the price of gold rise?
Commodity market experts believe that MCX gold prices are currently facing major resistance at 60,600, while international spot gold prices are facing resistance at $2,000 an ounce. If this level is broken, the price of gold will continue to rise.
At the same time, Nirpendra Yadav, Senior Commodity Research Analyst at Swastik Investmart said, “With the US economy under pressure, investors are hoping that the Fed will now be lenient as interest rates rise. At the same time, China’s economy has been showing steady growth after Covid-19 restrictions were lifted, boosting demand for physical gold.
Anuj Gupta, vice president-research, IIFL Securities, said that in anticipation of a rise in gold prices, he will climb to a new high in the short to medium term.
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Tags: 24k gold price, Gold price news, gold rate today
FIRST RELEASED : April 1, 2023 at 1:21 p.m. CET
