Gold prices reached an all-time high on Monday, surpassing the Rs 60,000 mark as investors sought refuge in the safe haven asset amidst concerns of a banking contagion following the collapse of two lenders in the United States. This surge was reflected in the MCX, where gold futures opened at Rs 59,418 per 10 gram and surged to a high of Rs 60,455 during intra-day trades before settling at Rs 59,383 per 10 gram. In the national capital, the precious metal hit an unprecedented price of Rs 60,100 per 10 grams, gaining Rs 1,400 and outstripping its previous trade rate of Rs 58,700 per 10 grams.

Silver prices also saw a significant increase, gaining Rs 1,860 to reach Rs 69,340 per kilogramme.

In global markets, gold and silver prices were trading at $2,005 per ounce and $22.55 per ounce, respectively.

The rise in gold prices can be attributed to the ongoing banking crisis in the west, which has caused investors to seek safer avenues of investment. According to Colin Shah, the managing director of Kama Jewelry, gold prices have risen by nearly 7-8 per cent in the past month. This surge is driven by the liquidity infused by central banks and the expectation of lower to no rate hikes. Historically, gold has been a safe haven asset that has gained in times of uncertainty, making it an attractive option for investors who anticipate a slower economic growth and lower interest rates.

This price surge marks a significant shift in the global market and highlights the importance of safe haven assets amidst market turbulence. As the banking crisis in the west continues to unfold, it remains to be seen whether investors will continue to flock to gold as a safe haven or look for other avenues of investment. However, with gold prices at an all-time high, it is clear that the precious metal remains a popular choice for investors seeking stability and security in an uncertain market.

Disclaimer: Prre.site is not liable for any damages arising from the use of this website or its content.