The gold price rallied Rs 1,025 to touch a life-time high of Rs 61,080 per 10 grams in Delhi on Wednesday amid strong global trends, reported news agency PTI citing HDFC Securities. In the previous trade, the gold prices settled at Rs 60,055 per 10 grams.
The surge in gold prices comes ahead of Akshaya Tritiya, also known as Akha Teej. According to the Hindu calendar, Akshaya Tritiya falls on the third tithi (lunar day) of Shukla Paksha of the Vaishakha month. On this day people buy gold and properties to bring prosperity and wealth. This year Akshaya Tritiya will be celebrated on April 22.
The gold futures were trading at Rs 61,077, up by Rs 123 or 0.20 per cent while May Silver futures were trading at Rs 75,057, higher by Rs 439 or 0.59 per cent, according to a report by the Economic Times.
On Tuesday, the holiday-shortened trading session saw the yellow metal reach an all-time high due to the decline in the dollar index, the ET report added.
On the other hand, Silver also surged Rs 1,810 to Rs 73,950 per kilogram on Wednesday.
"Spot gold prices in the Delhi markets traded at Rs 61,080 per 10 grams, up Rs 1,025 per 10 grams. In domestic market gold prices crossed the Rs 61,000 level per 10 grams to a fresh life-time high," Saumil Gandhi, senior analyst, commodities at HDFC Securities said.
In the overseas market, both gold and silver were quoting higher at $2,027 per ounce and $24.04 per ounce, respectively.
The report by the news agency also added that gold prices rallied in Asian trading hours on Wednesday and have surged more than 1.80 per cent since March 2022 amid data showing lower-than-estimated US jobs openings. Additionally, US Dollar index and bond yields declined to post US macro data which boosted bullish sentiment in bullion, Gandhi said.
A look at the historic price of gold shows how the yellow metals prices have shot up over the years.
In 2013, the price of 10 grams of 24-carat gold was around Rs 29,000 today it is Rs 61,000. The price of gold over the year has sharply risen especially during the pandemic years. In general, gold prices reflect changes in the value of a currency against the dollar. When the dollar is strong, it means that even if gold prices stay flat in dollar terms, gold will be more expensive in countries whose currencies have declined in value.
Here Is A look at Gold Price Over The Year
|
2013 |
Rs 29,000 |
|
2014 |
Rs 28,000 |
|
2015 |
Rs 26,000 |
|
2016 |
Rs 28,000 |
|
2017 |
Rs 29,000 |
|
2018 |
Rs 31,000 |
|
2019 |
Rs 35,000 |
|
2020 |
Rs 48,000 |
|
2021 |
Rs 48,000 |
|
2022 |
Rs 52,000 |
|
2023 |
Rs 61,000 |
To further elaborate on the data we put it in a format of a graph. Here is how it looks.