Gold prices seem to be on a never-ending upward trajectory, breaching its own historical records and reaching new highs. They have been on a secular rally since mid-February. On March 11, 2024, the spot gold price on Multi Commodity Exchange (MCX) surpassed the psychological barrier of ₹65,000 per 10 gram for the first time, and by the end of March, it touched ₹66,746, with a gain of 7.08 per cent in March alone. Now it is on the verge of surpassing the ₹75,000 mark; as on April 19, 2024, it closed at ₹73,280.
This robust performance was consistent across major currencies, thanks to the stable dollar. Spot gold price in the international market surpassed $2,100 per ounce on March 4, 2024, and by the end of the month, it reached $2,214 per ounce, clocking a return of 8.1 per cent by the month-end. International gold prices have surged by 14.79 per cent since the beginning of 2024.
In terms of returns, gold appears to have outpaced both the Nifty and the S&P Sensex by a significant margin in 2024. Gold has yielded 16.16 per cent year-to-date (YTD) as on April 19 compared to 1.91 per cent and 1.17 per cent gain by the Nifty and Sensex, respectively (see Nifty Vs Spot Price Gold).
WHAT'S PUSHING UP PRICES?
The factors that push up gold prices can be somewhat conflicting and confusing. Unlike other commodities, where prices are primarily driven by demand and supply, the price of gold is influenced by factors, such as economic downturn, interest rate scenario, and geopolitical situations.
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