Business News: Gold Prices Witnessing its All-Time High, Know Factors Affecting the Rising Prices

Business News: For the past few days, we have seen a lot of momentum in gold. Currently, gold is trading close to its all-time high. On 20 August, 2024, MCX opened at Rs 71,530 per gram today and reached Rs 71,597 in no time. If we talk about the international market, then spot gold prices are trading at $2,500 per ounce. 

Why Gold Prices Are Rising?

Experts believe that the major reason is the rise of the US Fed rate cut. According to Fedmeter, the probability of Zerom Pavel’s rate cut announcement is up to 82%. Because of this, the US dollar and treasury yields are under pressure and people are shifting their investments to assets like gold and equity. In the last few days, we have seen a positive momentum in the prices of gold. Because of the cut in the custom duty in the budget, we saw that the price of gold in the domestic market came to a downward trend. There was no momentum as much as in the international market. However, if we talk about its factors, the biggest factor was the tension of the geopolitics, due to which we saw a significant demand for gold.