Gold prices crossed the Rs 57,550 mark for 10 grams on Tuesday as per data from Good Returns.
The yellow metal has been on a surge, increasing by Rs 980 in the last 10 days.
The US dollar has an inverse relation with the metal and the weakening dollar has resulted in the rally of the precious metal. According to Kama Jewellery’s MD Colin Shah, the primary reason for the surge in gold prices is the weakening dollar as reported by TOI.
Gold prices have seen an increase by Rs 7,640 from Nov 4 till today with 24K Gold priced at Rs 57,980 on Jan 26 as per data from Good Returns.
Countries around the world have been increasing their gold reserves, with Russia buying the most gold in the last 10 years followed by Turkey, India, Poland and China as reported by Nasdaq.
Gold has performed well in the US during recessions of 1973-75, 1979-80, and 2020, as reported by Economic Times quoting a Kotak Securities report.
With changing economic landscapes across the world with the Russia-Ukraine War, the US fed increasing interest rates and fears of recession, the yellow metal is on a steady rise.
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