Business News: Gold and Silver Prices Reach Record High Since 2020, Know Potential Reasons

Gold Rate Today: This year, the price of gold has reached a record high in the international market, which is at the highest level in 45 years. On the other hand, the price of silver is also showing its record high in 4 years. This year, the price of gold in the international market has increased by 32.5%, while silver has seen a rise of 37.5%. In the domestic market, gold on MCX was 23.6% and silver on MCX was 32.9%. This is the biggest increase since 2020. 

Gold-Silver Rate Increase

According to experts, the increase in demand in the domestic market and the purchase of gold from central banks is the main reason for the increase in demand. With this, China has also increased its gold reserve by 39 tons, increasing the pressure in the market. Another reason could be when the US Federal Reserve cut the rate by 50% point, then for the investors, silver and gold seemed to be attractive metals as now the bonds have become less attractive for them. Talking about India, the price of gold going up so fast in the country because the rupee is getting weaker. Our rupee has been depreciated, due to which when the rupee is weaker than the dollar, then we have to pay more money for it.