There was a strong rise in gold on Monday. On commodity exchange MCX, gold touched Rs 53,797 per 10 grams. This is a rise of about 2 percent against the closing price of gold on Friday. On Friday, gold had closed at Rs 52,549 per 10 grams on MCX. This is the biggest rise in gold in a week after May 2021. At 12:20 in the day, the price of gold on MCX was rising by Rs 986 to Rs 53,545 per 10 grams (Today Gold rate at MCX).
The spot market has crossed $2000 an ounce (Spot Market Price of Gold). In the year 2022 on MCX, gold has gained about 12 percent so far. Experts say that the main reason for the rise in gold is the ongoing war between Russia-Ukraine Conflict. Today is the 12th day of fighting between the two countries. Today talks are going to be held between the two countries to end the war. Talks have been held twice before this, but to no avail. The rise in the interest rate in the US and the rise in commodity prices is also believed to be the reason for the rise in gold.
Experts say that if the war between Russia and Ukraine does not end soon, then Gold can set a new record of heights. The highest price of gold in the international market was $2,075 an ounce. Here, the highest price of gold in commodity exchange MCX is Rs 56,191 per 10 grams.
Anuj Gupta, Vice-President, IIFL Securities, says that gold has broken the $2,000 level in the spot. Now it is expected to move towards $2,050 an ounce. He said that the price of gold on MCX will soon cross the level of Rs 54000 per 10 grams. Whenever there is a situation of political instability in the world, the price of gold increases.
Gold has been considered as the safest medium of investment for centuries. This is the reason why the demand for gold increases in times of crisis. Like currency and shares, its value does not depreciate. There is generally an inverse relationship between stocks and gold. When difficult times come, people withdraw money from stocks and invest in gold. This leads to a fall in the stock market, while the brightness of gold increases. The situation seems to be the same right now.
,