Gold hits Rs 60,000. Will it rise further?
Amid the rising banking crisis in the US and Europe, traders are moving towards the safe haven bets and gold is among the top of their list. The yellow metal, on Monday, briefly hit Rs 60,000 for the first time on MCX, before trading around Rs 59,700 mark.
Analysts tracking the bullions say that not only the contagious banking crisis, but even the rising inflation and interest rate hikes is adding to the shine of gold. However, the falling rupee is also adding to the rise in gold prices.
Gold, which was trading around Rs 55,200 just 10 days ago has seen a rally of more than 8 per cent since then. The banking crisis triggered by Silicon Valley Bank, Signature Bank and now Europe’s Credit Suisse has pushed the prices of yellow metal higher.
Ref: https://www.businesstoday.in/personal-finance/story/gold-hits-rs-60000-following-crisis-triggered-by-svb-signature-bank-credit-suisse-will-it-rise-further-374060-2023-03-20
