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Gold rallies by Rs 770 amid strong global trends

The gold market in India saw a significant rally as prices rose by Rs 770 per 10 grams. The increase in prices was attributed to strong global trends and a weak US dollar.

India TV Business Desk Edited By: India TV Business Desk New Delhi Published on: February 03, 2023 14:54 IST
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Image Source : UNSPLASH Gold Rallies by Rs 770 Amid Strong Global Trends

On the Multi Commodity Exchange (MCX), gold futures opened at Rs. 57810.00 per 10 grams, an increase of  0.20%. Silver futures, on the other hand, opened at Rs.70,326.00 per kilogram, an increase of 0.17%   from the previous day's opening price.

After a year of large rate hikes, the Federal Reserve increased the rate by 0.25 basis points. While US Fed Governor Powell warned of potential monetary policy tightening, he acknowledged the early stages of disinflation progress. Spot silver declined by 1.79% to $23.55 per ounce, platinum rose by 1.59% to $1,019.43 and Palladium dropped by 1.36% to $1,646.95 as of 5:41 pm GMT.

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Gold has been one of the most sought-after assets in recent times, especially in India. The recent rally in gold prices, with an increase of INR 770 per 10 grams, is a testament to this. The rise in gold prices has been attributed to a number of factors, including strong global trends and a weak US dollar.

These conditions have created a conducive environment for gold to flourish, as investors seek safe haven assets in an uncertain global economy.

Geopolitical tensions and economic instability are driving demand for gold as a safe haven asset. Investors flock to the precious metal as a hedge against risk, as it is seen as a stable and secure investment option. In times of uncertainty, gold provides a sense of security, which is why it remains a popular investment choice for many.

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