Important news has come for customers planning to buy gold from the bullion market during the holy month of Sawan. Gold prices in the Indian bullion market have seen a rise for the second consecutive day, which is sure to have a further impact on the common man’s pocket. Given global uncertainties and market sentiment, the shine of precious metals seems to be increasing once again. During trading in the bullion market on Wednesday, gold became expensive by Rs 168 to reach Rs 1,44,510 per 10 grams, while prices of both 22 carat and 24 carat gold remained unchanged.
Know the latest gold rates in different metros and states.
In the major bullion markets across the country, the price of 24-carat gold in the national capital, Delhi, was recorded at ₹1,44,510 per 10 grams, while 22-carat gold was trading at ₹1,32,370 per 10 grams. Similarly, in Patna, the capital of Bihar, 24-carat gold rose by ₹177 to ₹1,44,600, and 22-carat gold was selling at ₹1,32,450 per 10 grams. In Mumbai, the financial capital, 24-carat gold was priced at ₹1,44,360, and 22-carat gold at ₹1,32,230 per 10 grams. In Lucknow, Uttar Pradesh, gold prices also rose by ₹169, reaching ₹1,44,520 and 22-carat gold at ₹1,32,380 per 10 grams.
Why are gold prices constantly rising? Learn the main reasons behind it.
Global uncertainty and geopolitical conditions are primarily responsible for this surge in gold prices. Due to the ongoing tensions between the US and Iran, investors are turning to gold as a safe haven. Although efforts are underway to de-escalate tensions between the two countries and normalize shipping through the Strait of Hormuz, the market remains cautious. Furthermore, investors’ expectations regarding the Reserve Bank of India (RBI) and the US Federal Reserve’s upcoming monetary policies and interest rates are also clearly impacting the bullion market.