Gold prices at record high, surge past ₹62,000 per 10 grams as investors seek safe assets

Gold prices at record high, surge past ₹62,000 per 10 grams as investors seek safe assets

The Reserve Bank of India has also added 3 tonnes of gold to its reserves, to bulk up its foreign reserves and make the Rupee stronger.

FPJ Web DeskUpdated: Wednesday, April 05, 2023, 07:58 PM IST
article-image
Representative Image

As global headwinds batter major economies and also trigger uncertainty for India, investors are looking for safe investments in tangible assets. Gold has traditionally been a hedge against volatility for individuals as well as central banks, which buy it in form of bullions and jewellery.

With inflation surging and the recession's impact being felt, the yellow metal's price has surged to an all time high beyond Rs 62,000 per 10 gram.

Prices surge amid uncertainty

  • The price for 10 gram of 24 carat gold, is Rs 62,665 as of April 5, 2023, and the price went beyond Rs 56,000 per 10 grams for 22 carat.

  • The Reserve Bank of India has also added 3 tonnes of gold to its reserves, to bulk up its foreign reserves and make the Rupee stronger.

  • The country, where gold demand rises consistently during festive and wedding seasons, accounts for more than 8 per cent of the world's total gold reserves.

  • With a surge of Rs 1,810, Silver has also surged to Rs 73,950 per kilogram alongside gold, among other precious metals.

(To receive our E-paper on WhatsApp daily, please click here.  To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Air India hires 600 people every month for sustainable growth, says CEO Campbell Wilson

Air India hires 600 people every month for sustainable growth, says CEO Campbell Wilson

Finance Ministry to settle disputes related to government contracts from July 15

Finance Ministry to settle disputes related to government contracts from July 15

As IITian cracks UPSC after quitting Rs 36 lakh job, Meet IIT alumni who made it big after rejecting...

As IITian cracks UPSC after quitting Rs 36 lakh job, Meet IIT alumni who made it big after rejecting...

Earnings Q4 2023 LIVE: IRCTC net profit up at Rs 278.79 crore after 30% surge

Earnings Q4 2023 LIVE: IRCTC net profit up at Rs 278.79 crore after 30% surge

NSE places NDTV under additional surveillance, days after Adani Enterprises

NSE places NDTV under additional surveillance, days after Adani Enterprises