Gold price touched all time high today. Gold futures for June delivery touched Rs 61,490 per 10 grams at MCX today. International gold price also touched all time high of $2081.80 per ounce today.
Gold prices rose today due to weakness in US dollar. The US dollar is weakening today after US Federal Reserve indicated yesterday that its current cycle of interest rate hikes has come to an end. With increase in interest rates, currency of a country tends to appreciate. Now with the expectation that interest rates in US will no longer increase in the near future, US dollar is weakening.
Gold prices are quoted in US dollar. When US dollar weakens against other currencies, gold’s price in other currencies goes down. This in turn results in increased buying of gold in other currencies. This increased buying pulls up the price of gold in other currencies.
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