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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
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  • 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.

  • 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.

Next Story

Your body could soon power wearable devices

The study described a small tab (1.5 centimetres long, by one centimetre wide). It delivered a maximum voltage of 124 volts, a maximum current of 10 microamps and a maximum power density of 0.22 millwatts per square centimetre.

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The tab consists of two thin layers of gold, with polydimethylsiloxane (also called PDMS — a silicon-based polymer used in contact lenses, Silly Putty and other products) sandwiched in between. Wikimedia Commons
The tab consists of two thin layers of gold, with polydimethylsiloxane (also called PDMS — a silicon-based polymer used in contact lenses, Silly Putty and other products) sandwiched in between. Wikimedia Commons

Researchers have developed a metallic tab which, when connected to a human body, is capable of generating electricity from bending a finger and other simple movements.

According to a research project led by the University at Buffalo, New York, and Institute of Semiconductors (IoP) at the Chinese Academy of Science (CAS), the tab — a triboelectric nanogenerator — can convert mechanical energy into electrical energy for electronic devices.

“The human body is an abundant source of energy. We thought: ‘Why not harness it to produce our own power?’” said lead author Qiaoqiang Gan, associate professor at the University at Buffalo.

The tab was detailed in the journal Nano Energy. Triboelectric charging occurs when certain materials become electrically charged after coming into contact with a different material. Most everyday static electricity is triboelectric.

Also Read: Scientists Use Pocket-size Device to Map Human Genetic Code

The tab consists of two thin layers of gold, with polydimethylsiloxane (also called PDMS — a silicon-based polymer used in contact lenses, Silly Putty and other products) sandwiched in between.

The tab was detailed in the journal Nano Energy. Wikimedia Commons
The tab was detailed in the journal Nano Energy. Wikimedia Commons

One layer of gold is stretched, causing it to crumple upon release and create what looks like a miniature mountain range. When that force is reapplied, for example, from a finger bending, the motion leads to friction between the gold layers and PDMS.

“This causes electrons to flow back and forth between the gold layers. The more friction, the greater the amount of power is produced,” said Yun Xu, a professor at the IoP.

The study described a small tab (1.5 centimetres long, by one centimetre wide). It delivered a maximum voltage of 124 volts, a maximum current of 10 microamps and a maximum power density of 0.22 millwatts per square centimetre.

Also Read: Mitra: An Indian Robot That Greets You With A ‘Namaste’

That is not enough to quickly charge a smartphone, but it lit 48 red LED lights simultaneously. The team is planning to use larger pieces of gold, which when stretched and folded together are expected to deliver even more electricity.

The researchers are also working on developing a portable battery to store energy produced by the tab. They envision the system serving as a power source for various wearable and self-powered electronic devices. (IANS)