Why is gold price rising? 5 factors driving the precious metal
- Gold prices are expected to remain supported in near term
- Gold is getting boost from dovish tones from major global central banks
In India, gold prices today crossed the 34,000 per ten gram, buoyed by a global rally in the precious metal. Global prices today rose to five-year high after the US Federal Reserve signaled rate cuts later this year. Spot gold jumped to a five-year high of close to $1,400 an ounce. Even as the US central bank on Wednesday left its benchmark interest rate unchanged for now, it signalled interest rate cuts beginning as early as July as it took stock of rising trade tensions and growing concerns about weak inflation.
Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!Let’s get started
Login to enjoy exclusive benefits!
- Unlocked premium articles
- Personalized news
- Market Watchlist
- Insightful Newsletters & more