Gold price may touch Rs 70,000-Rs 75,000 per 10 grams in coming days, feel market watchers

BENGALURU: Ahead of the wedding season, the gold prices are on a steep upward spiral. Just two days ago, the price of 24 karat gold had crossed Rs 60,000 per 10 grams and it is likely to go up further to anywhere between Rs 70,000- Rs 75,000.

On March 17 , 10 gm of 24k carat gold was trading at Rs 60,370 while 22k carat gold was trading at Rs 55,350, and silver rate was at Rs 74,400 per kg. On Wednesday, 10 gm of 24k carat gold is 59,180 while Rs 22k carat gold was trading at 54,250.

According to market analyststhat the gold price may rise 10 per cent to 15 per cent this year due to various reason such as inflation, the banking crisis in US and uncertainty over revision of interest rate.

Economist Rudramurthy said the gold price may be shoot up 10 per cent to 15 per cent this year.

Rudramurthy, a market expert, said, “This is happening due to the war between Russia and Ukraine which has been going on for the last one year, and the financial crisis in Europe. The gold price may go up 10-15 per cent in this year. If the financial crisis continue, the prices of gold and silver will further increase in the global market. We cannot expect any fall in gold price until many countries tide over their financial crisis”.

He also added that if the US Federal Reserve hikes lending rate by 0.25 per cent, it will effect the gold and silver prices and should not surprise the market. For gold prices to drop, the Ukraine-Russia conflict should end. If financial crisis in America and Europe countries continues or if the US and China get involved in the Russia-Ukraine war, the probability of gold prices dropping will be even more remote, he added.