New Delhi: Gold prices have hit a six-year high. The price of gold is steadily increasing both in the global market and in the Indian market. Gold has been continuously strengthening for the past six days and what is the reason for the continued strengthening of this gold price, so let us know.
Gold strengthened for the sixth consecutive day on Tuesday, reaching 34,450 per 10 grams in the market. The August Expiry Gold contract on the Multi Commodity Exchange (MCX) rose by Rs 370, or 1.07 percent, to Rs 3,4811 per 10 grams and jumped to Rs 34,893 during the session. In global markets, gold rose 0.53 percent to $1,428.05 per ounce in New York, touching a psychological level of $1,400 for the first time since 2013.
Due to geopolitical tensions between the US and Iran, the trade war in the U.S.-China and the sluggishness of the global economy, investors are now being forced to wager in safe assets. At the same time, people are now relying on a safe means like gold and gold prices have hit a six-year high.