Gold Price: Gold price at all-time high of Rs 70,248, buy, sell or wait!

gold price: Gold prices rose rapidly today on April 4 and reached new highs. Today the price of gold has gone above $2300 per ounce. Gold prices are at record high for the 8th consecutive day today. In fact, the US Federal Reserve is expected to cut rates in 2024. At the same time, strong demand for gold is expected from the central bank. Amidst this speculation, gold prices are increasing. Gold prices today reached an all-time high of $2304.96 an ounce.

Fed boss Jerome Powell said on April 3 that it would be appropriate to cut borrowing costs “sometime this year.” After reaching a low of $1810 in September 2023, bullion has increased by $500 an ounce in the current month.

Gold price in India Rs 70,248

Gold prices in India have reached an all-time high of Rs 70,248 per 10 grams. During the same period last year, its price was between Rs 56,000 to Rs 57,000 per 10 grams. Geopolitical tensions in Ukraine and the Middle East, as well as record buying by global central banks, have contributed to the rise in gold prices.

According to the World Gold Council, central banks have continued to increase their gold holdings. He will buy record gold with 1136 tonnes in 2022. The central bank continued buying gold in February. This is the ninth consecutive month of central bank purchases in gold. China’s central bank is at the forefront. After this comes India and Tajikistan.

The global market capitalization of gold is estimated at $15.57 trillion. Citigroup forecasts gold prices to hover around $2,300 an ounce in the second quarter of 2024, while JPMorgan expects it to reach $2,500 an ounce. For this year’s issue, gold has achieved all the targets in the month of 2024 and gold is at an all-time high of $2,300. Experts believe that gold prices may remain stable for the next six months of 2025 before correcting and rising.

Buy or Sell?

In India, most of the gold is usually bought in the form of physical gold and it gives good returns. Many holders are not holding gold at the current level as they expect its price to rise. It is also being said that jewelery buyers are converting old jewelery into new jewelery or making purchases as per their budget. It has been seen in India that the investor buys gold for a long period, although he does not get any dividend or bonus. It is a good portfolio diversifier. For this, if you want to buy physical gold for a long time, then you can buy it at a discount. When you need money you sell gold.