Gold prices still rising now close to 92,000; crossed USD 3000 in global market

On Wednesday, the price of gold increased by Rs 700 and reached a new high of Rs 91,950 per 10 grams due to increasing purchases ahead of the wedding season and global uncertainties. This is the highest level so far. On Tuesday, it closed at Rs 91,250 per 10 grams.

The purchases have been made by local bullion traders ahead of the wedding and festival season. At the same time, increasing tension in the Middle East and the fear of a US economic slowdown are also the reason for this. At the same time, gold prices in the international market also rose once again on Wednesday, taking it to an all-time high. Gold prices in the international market remained above the level of US $ 3000 per ounce. In the case, Manish Modi, Senior Analyst, Motilal Oswal Financial Services, said, "Due to the global trade war and geopolitical uncertainty, investors are cautious about other financial assets, due to which the demand for gold is increasing continuously."

Gold prices have increased from $ 2,500 per ounce to $ 3,000 per ounce in the last 210 days. Usually, it takes about 1,700 days for the price of gold to increase so much, but this time a rapid jump has been seen. A recent report by the World Gold Council said, "Gold prices may fall slightly, but investment in gold will continue due to geopolitical and economic uncertainty, rising inflation, interest rate cuts, and a weak US dollar."