For the first time in two years, Gold prices have gone up from past Rs 30,000

Analysts believe that risk-taking investors have decided to stick with the solid asset of gold, creating an inflation of prices

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Gold bars. Image source: Wikimedia Commons
  • On Thursday, 10 grams cost Rs 30,852
  • The price of gold has shot up 24% since January
  • The lowered price of the dollar does not help

After the demand for Gold has increased in the global market, price of the metal has shot up on Thursday, June 16, at the Multi Commodity Exchange. This is the first time in two years that the price of gold has gone past the Rs 30,000 ($444.84) mark; shooting up from Rs 408. Although this is the first time in two years we are seeing gold prices like this, gold prices have gone up 24% since January, said the Scroll.in report.

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People buying gold in India. Image source: newIndiaExpress.com
People buying gold in India. Image source: newIndiaExpress.com

According to the Scroll.in report, analysts believe that risk-taking investors have decided to stick with the solid asset of gold, creating an inflation of prices. A potential factor for a further rise in prices lies in the members of the European Union. Experts have predicted that if the UK leaves the EU then gold prices could shoot up to Rs 94,213 ($1,400).

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Two banks are also responsible for the higher price. Federal Bank Limited and Bank of Japan did not change key policy rates, which did not help to keep the price of gold down. It also is not helpful that the dollar itself has dropped against other currencies.

In Singapore, the price of gold went from $10.80 to $1,302.30 per ounce.

  • prepared by Abigail Andrea, an intern at NewsGram. Twitter @abby_kono

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  • Vrushali Mahajan

    Gold is one of the biggest and easiest investment one can make. Therefore measures should be taken to make it available for people who want a to and can afford it

  • Paras Vashisth

    Gold is most essential thing in India.And for control this rised price, government have to convince these two banks to help for keep the price of gold down.

  • AJ Krish

    With prices this high,I wonder how the common man can afford it. It is somewhat like a custom to wear gold old ornaments in India.I really do hope the prices come down.

  • Aparna Gupta

    Gold jewellery is highly used in wedding seasons. With gold rates touching sky, it becomes almost impossible for common man to afford it.