Record rise in gold in new year, rate will reach 62000, silver will also go to all time high

Gold-Silver Price: After the start of the new year, there is a continuous rise in the rate of gold and silver. On Tuesday, gold has reached close to all time high and silver rate is running close to 70000. Experts claim that the gold rate is likely to rise to Rs 62,000 and silver to Rs 80,000 per kg in the near future. In the year 2023, due to the threat of global economic recession, gold is emerging as a safe investment option. In such a situation, a boom is being seen in the sale of gold and its rate is expected to go up to Rs 62,000 per 10 grams.

possibility of interest rate cut

Due to the weakness of the dollar and the possibility of a ban on growth from the US Federal Reserve, there is a possibility of a rise in the precious metal. Interest rate can be cut in the fourth quarter of the financial year. According to Axis Securities, due to the geopolitical crisis and the rise in inflation, gold will continue to rise in the coming times. Brokerage claims that gold investment will attract in economic recession. The sound of recession will benefit the price of gold.

gold price on mcx

Gold is trading at Rs 55598 per 10 grams with a gain of Rs 420 on the Multi-Commodity Exchange (MCX) on Tuesday. Apart from this, silver is trading at a speed of Rs 1229 at Rs 70800 per kg. In the previous session, silver had closed at Rs 69571 per kg and gold at Rs 55178 per 10 grams. In August 2020, gold made a record of Rs 56,200. Right now the price of gold is far from the record level. But in the coming time, the rate of gold is expected to exceed this.

Bullion market also booming

Both gold and silver saw a rise in the bullion market on Tuesday. According to the price released by the India Bullions Association (https://ibjarates.com), 24 carat gold rose by Rs 540 to Rs 55702 per 10 grams. There was a rise in the price of silver and it climbed up by Rs 1310 to Rs 69659 per kg. Earlier in the day, silver had closed at Rs 68,349 per kg. On Tuesday, the rate of 23 carat gold reached Rs 55479 per 10 grams, 22 carat Rs 51023 per 10 grams and 18 carat reached Rs 41777 per 10 grams.