- Gold prices have skyrocketed in Bhubaneswar, with 24-carat gold touching a historic high of Rs 65,350 per 10 grams and 22-carat gold reaching Rs 60,650.
- This unprecedented surge has prompted customers to sell their old ornaments to capitalize on the soaring prices.
- The remarkable uptrend in gold prices is primarily attributed to the anticipation of an interest rate cut by the US Federal Reserve in June.
- Experts point to the decline in the dollar index (DXY) as a key factor driving the surge in gold prices.
- The surge in gold prices has significant implications for both investors and consumers in Bhubaneswar, signalling a shift in market dynamics and investment strategies.
Gold prices have skyrocketed in Bhubaneswar, with 24-carat gold touching a historic high of Rs 65,350 per 10 grams and 22-carat gold reaching Rs 60,650. This unprecedented surge, marking a substantial increase of over Rs 2,700 within a week, has prompted customers to sell their old ornaments to capitalize on the soaring prices.
The remarkable uptrend in gold prices is primarily attributed to the anticipation of an interest rate cut by the US Federal Reserve in June. This expectation has fuelled bullish sentiments in both domestic and international markets, propelling the yellow metal to new peaks.
Experts point to the decline in the dollar index (DXY) as a key factor driving the surge in gold prices. With the dollar index dipping below the 104 mark and currently standing at 103.80 against a basket of major currencies, investors have turned to gold as a safe-haven asset, further boosting its demand and value.
The bullish momentum in gold prices contrasts with the downtrend witnessed in MCX Silver following its positive closure last week. However, the overall trend indicates a strong investor appetite for precious metals amidst global economic uncertainties.
The surge in gold prices has significant implications for both investors and consumers in Bhubaneswar, signalling a shift in market dynamics and investment strategies. As uncertainties persist in global markets, gold continues to assert its status as a reliable store of value and a hedge against inflation and market volatility.
(With inputs from agencies)
