Keeping up with the strong trend in the global markets, gold rates in the futures market may reach a new high of ₹68,350 per 10 grams. On Tuesday, when the U.S. dollar fell, gold for March delivery saw a high of ₹68,700 and a low of ₹68,210.
The near-month price of the February gold contract was ₹56,974 per 10 grams, up 0.28 percent. According to the India Bullion and Jewellers Association, gold was trading higher on the spot market at ₹57,322 rupees per 10 grams compared to ₹57,044 on Monday.
According to Ravindra V. Rao, VPHead Commodity Research, Kotak Securities, Comex, gold prices increased for a fifth consecutive week, reaching a new nine month high of $1,939 an ounce the previous week amid a weaker dollar, weak corporate earnings, and increased layoffs, raising concerns of a recession. Since hitting a 28-month low of $1,618/ounce in early November, the price of gold has been rising.
