Be it wobbly crytocurrencies or fluctuating stocks, whenever volatility hits the market, gold shines as a stable investment option time and again. Attracted to the allure of digital gold, young Indians are also banking on the traditional investment instrument, which is a safe and tangible.
As tremors from the US banking crisis shake up the global economy, Gold prices have by 8 per cent in a month.
Economic gloom adds to gold's glitter
Gold has been touted as a safe haven for investors ever since a global recession started becoming increasingly visible.
As the current crisis is expected to prevail for some time, central banks are also eyeing gold reserves.
Stock markets haven't bounced back from red territory despite UBS taking over Credit Suisse, and this has pushed Gold prices past a record-breaking Rs 60,000 per 10 grams.
Will rise further with festive cheer and regulator's caution
With Gudi Padwa around the corner and interest rates expected to remain low after being blamed for SVB and Signature Bank's collapse, Gold rates may hit Rs 62,000 per 10 grams.
The yellow metal is traditionally known to become more precious as interest rates drop globally.
It has also been seen as a backstop to protect currencies from a freefall as economic uncertainty strikes.
As US stocks remained flat despite support for banks from bigger lenders and the regulator, European counterparts led by Credit Suisse continued to slide despite support from UBS.
