![]() “Going ahead gold still looks lucrative in terms of return on investment from a safety perspective where the Inflation still remains high globally and the interest cycle which is yet to ease, will also provide the push needed for gold to run and give 10-15% return in FY24,” Jateen Trivedi, VP Research Analyst at LKP Securities told this newspaper. (function() ) ġ0. Experts expect the price of gold to reach Rs 68,000 by the end of current the financial year. Gold prices are expected to inch higher amid prospects of a looming recession in the United States. Yellow metal is on the bull run since the start of this and its prices have risen by about 10.8% in 2023. Weakness in the value of dollar and decline in bond yields after the US Federal Reserve signalled a pause in the rate hike has pushed up the prices of gold. MUMBAI: Gold reached a new milestone, with prices of the yellow metal touching the life-time high on Thursday. Gold futures recorded a high of Rs 61,490 per 10 gram, an increase of about Rs 500 on the Multi Commodity Exchange, helped by rise in the prices of precious metal in the international market. Rs 52,000: Price of 10 gram of gold at the start of April 2022 Rs 8,000: Rise in the price of gold in the fiscal 2022-23 Rs 61,490/ 10 gram: New high of gold prices on Thursdayġ0.8% Rise in gold prices since January 1, 2023ġ5%: Increase in the gold prices in fiscal 2022-23 The investment demand of gold has remained high in the domestic market as the yellow metal has given better returns compared to equities. The ongoing geopolitical tension between Russia and Ukraine and the fears of recession has kept the demand of gold high in the past one year. Gold prices in last financial year have jumped by Rs 8,000 in domestic markets from Rs 52,000 to Rs 60,000, which is 15% returns beating all other asset classes. On the back of weak and uncertain performance in risky assets it is strongly advised to remain invested in Gold for further 10-15% returns on base case and 15-20% on bull case scenario,” he added. March-quarter GDP data due on Thursday, followed by the personal consumption expenditure price index report on Friday for further cues on Fed's policy.“The prices can easily touch Rs 66,000-Rs 68,000 on base case performance before we reach the FY24 end next year. Federal Reserve dipped slightly to 83%, but the base case remained that of a 25-bps hike. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six. The odds of a rate hike next week by the U.S. During the day, the rupee touched a high of 81.70 and a low of 81.82 against the American currency. banks' shares reignited concerns over the health of the sector. The greenback had risen initially as a slump in regional U.S. Meanwhile, Asian currencies advanced as the dollar index reversed gains on the euro's sharp rebound from Tuesday's sell-off. The Nifty fifty index (.NSEI) was up 0.3%, while stocks in London (.FTSE) and Europe (.STOXX) fell 0.3% and 0.7%, respectively. Indian equities held firm despite a sell-off overnight on Wall Street and with most global indexes trading in the red, possibly helping the rupee on Wednesday. The range for Thursday is likely to be 81.50 to 82.00, Bhansali added. "The rupee is expected to gain further as it has broken 81.80," said Anil Bhansali, head of treasury at Finrex Treasury Advisors, as the currency had found strong resistance near that level recently. It's possible that the Reserve Bank of India's absence allowed a further move in the rupee, traders added. The currency rose up to 81.6950 during the day, its strongest level since March 6.īoth foreign banks and state-run banks offered dollars at around 81.90, but it was unclear whether it was related to a corporate inflow, two private bank traders said. ![]() The rupee finished at 81.7650 per dollar compared with 81.9125 in the previous session. currency to a seven-week high on Wednesday, tracking Asian peers as the dollar index gave up gains and local equities remained resilient. MUMBAI, April 26 (Reuters) - The Indian rupee strengthened against the U.S. ![]()
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