Ahead of Gudi Padwa, gold rates are likely to cross Rs. 72,000 for 10 grams. Gold rates have already reached record highs owing to several factors such as international geopolitics and the US Federal Reserve reducing its interest rates. 24 carat, 10 grams worth of gold now costs Rs 70,000 in Mumbai's market. Along with tax, gold's retail price has now reached Rs 70,700 for 10 grams of gold.
Compared to the beginning of the previous financial year, where the rate was Rs. 61,000 for 10 grams, the current prices show an increase of a whopping Rs. 10,000. Experts say that various international events bearing the impact of geopolitics and trade have caused the record increase. On a global level, there has been a trend of buying more gold as entities including Central Banks are more confident in gold and are buying them on a big scale. The prices had reached Rs. 66,000 at the end of 2023. On Wednesday, the wholesale rate for 10 grams of 24-carat gold reached a record high of Rs. 69,870 in the Mumbai gold market. The hike was Rs 760, as compared to Tuesday. Meanwhile, gold with a 99.5 % purity standard reached a wholesale rate of Rs. 69,090 in the Jhaveri market.