Gold and silver prices rose closer to record highs in Indian markets today, bucking global weakness. Reports said gold prices have gone too far touching Rs 40,000 per 10 gram in Mumbai.
Serious tensions between the US and China and global recession fears have pushed gold rates to a new level in the global market. In future, the gold prices are expected to reach to a new price of ₹45,342 per kg.
After the change in price, Asian equity markets are under pressure because of US-China trade tensions. The value of Rupee is also under pressure with the change in gold and silver prices. The increase in gold price makes the rupee weaker. In the global market, the rate of gold rose over 1% to $1,544.23 per ounce. It is the highest since April 2013. With the price getting high, Yields on US 10-year Treasury dropped to their lowest since 2016 and lower interest rates also boost the rate of gold.