News Karnataka
Thursday, February 02 2023
Business News

Gold shines brighter on Friday as prices rise

Gold shines brighter on Friday as prices rise
Photo Credit : IANS

Chennai: Gold on Thursday got more sheen with the price of the 24-karat yellow metal touching Rs 56,290/10 grams.

According to Quantum AMC’s Fund Manager- Alternative Investments Ghazal Jain, gold prices are on an uptrend since November 2022 amid moderating US CPI numbers and anticipation of a less aggressive Federal Reserve.

The US dollar as well as US yields have begun to cool off, which has been supporting gold. Other secondary factors weighing on prices have been robust gold buying by global central banks and the potential positive impact on gold demand given the opening up of Chinese markets, Jain said.

“While we are currently at all-time high prices, rate hikes by the Fed over the next few months will spur volatility in the gold price and give investors the opportunity to accumulate gold and build their allocation,” Jain added.

Read more:

Gold In 2022: More ups and downs than a roller-coaster ride

The Factors Affecting Gold Prices in India

Ukraine war, FII sell-off push gold price to Rs 55K per 10 gm

Gold price fall not a worry for NBFCs, but banks need to be watchful

Gold prices likely to scale up towards Rs 65K/10gm: Religare

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