Prices for gold reached a record high on Friday in Bhubaneswar, rising to Rs 65,350 for 10 kilos of 24-carat gold. This suggests a significant rise of more than Rs 2,700 during the first week of March this past week. In a similar vein, the price of 22-carat gold increased significantly, reaching Rs 60,650 in Bhubaneswar on Saturday.
In Bhubaneswar, 22-carat gold was selling for Rs 57,600 per 10 grams a week ago.
Experts say that the primary cause of this extraordinary increase in the price of the yellow metal is the expectation that the US Federal Reserve will lower interest rates in June.
Gold prices have increased as a result of these expectations, which have stoked bullish feelings in both domestic and international markets.
As opposed to this, MCX Silver saw a decline after closing higher previous week.
The dollar index (DXY) has fallen below 104 once more, which is the reason behind the recent spike in gold prices. It is now exhibiting some steadiness at 103.80 vs a basket of six major currencies. The dollar index has declined by 0.17% in the last five trading sessions.
