Commodity Tips, Gold price hits a 15-month high since demonetization in November 2016
The price of standard gold (995 purity) moved up by Rs 70 to open on Friday at Rs 30,645 per 10 grams in the popular Zaveri Bazaar in Mumbai.
Gold prices on Friday jumped 0.23 percent in Mumbai to hit the highest point in about 15 months since demonetization in November 2016.
The price of standard gold (995 purity) moved up by Rs 70 to open at Rs 30,645 per 10 gm in Zaveri Bazaar. In November 2016, bullion was traded at Rs 30,600 per 10 gm in official transactions. Unofficially, however, gold was traded even at Rs 45,000 per 10 gm.
The movement in gold prices in India is largely dominated by fluctuations in world markets. In the benchmark London spot market, gold was trading at $1,361 an ounce (28 gm) in early trade on Friday afternoon. This is the highest level since August 2016.
Investors are booking gold after the collapse of cryptocurrencies such as bitcoin.
“There has been a confluence of factors supporting the rise in gold prices, which remained low for more than a year. The US interest rate hike, which kept gold prices subdued over the last one year, has started working in its favor due to inflationary pressure.
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