Gold crosses 1 lakh mark, 10 grams of 24 carat yellow metal costs Rs. 1,01,350
Gold crossed the Rs. 1 lakh mark, with the marriage season consumers are in distress as they have to pay Rs. 1,01,350 for 10 gms of 24 ct
Bhubaneswar: Gold prices in India touched a historic new milestone on Tuesday, price of the yellow metal crossed the Rs. 1 lakh per 10 grams mark. Gold crossed the Rs. 1 lakh mark and is setting new records with each passing day.
According to reports on Monday, the price of 10 grams of 24 carat gold was Rs 99,800. Amid the China-US trade war and global economic uncertainty, investors are investing in gold and silver.
As a result, the price of 10 grams of gold has crossed the historical record of Rs 100,000 for the first time. Fears of a recession and the wedding season have led to a huge increase in gold demand. This yellow metal has become a safe haven for investment amid the volatility in the global market.
The price of gold is increasing due to the weakening of the rupee against the dollar. When the currency weakens, more money has to be spent on imports. This year, the exchange rate of the rupee has fallen by about 4%. Since December 31, the price of gold has risen by a total of Rs 20,850. Gold has become expensive by about 26.4% in four months time.
