Gold has reached an all-time high, with prices soaring to ₹69,487 in India and $2260 an ounce globally, marking a significant rally in the commodity's value. This surge is attributed to strong buying by global central banks, with a record purchase of 1136 tons in 2022 and 1037 tons in 2023. The Reserve Bank of India now holds 817 tons of gold reserves. The increase in gold prices, which gained ₹1,800 per 10 grams in opening trade, is also driven by a decline in GLD's tonnage due to Westerners selling, influenced by real rate models, and a strong Shanghai gold premium propelled by BRIC countries' purchases. This trend is underscored by BRIC nations pricing oil in their currencies and moving profits to gold. Despite the bullish market sentiment typically favoring equities, both gold and stocks are experiencing record highs in India, indicating a unique investment landscape.
Ideally, when market sentiment is bullish, investors would rather invest in equities that give better returns than gold. Not this time though. Both Gold and stocks are scaling record highs. Read more at: https://t.co/ZSS9Hx5t0h By @ditipujara & @ujjainidutta_
#Gold #Price Today: Yellow metal hits fresh lifetime high of Rs 69,487, gains Rs 1,800/10 grams in opening trade https://t.co/anv4nlDQnz
In Today's Edition: -Angel Investing is getting into India's small cities. Many don't know the risks. -The new financial year starts with both Gold and stocks scaling record highs in India. Read at https://t.co/G8HWNV2dsG https://t.co/36nu9lZLpr
Gold new all time high! GLD's tonnage falling, b/c westerners selling due to real rate models (RR at 2-2.5%) Strong Shanghai gold premium driven by BRIC countries buying. @LukeGromen has been all over this, BRIC pricing oil in (RMB, RUB, INR, etc) and moving profits to gold! https://t.co/23dnXZmTUz
#GOLD at all time high $2260 an oz Strong Global Central Banks buying 2022 : 1136 tons record buying in an year 2023 : 1037 tons India @RBI holds 817 tons gold reserves #CommodityChampions
#Gold at all time high of ₹69,487. What is stoking the rally? Should you buy or sell? https://t.co/9N9ia1PTsK https://t.co/WxctBvMAJY