The price of gold has surged to unprecedented levels in response to soaring international demand, with China leading the pack in its pursuit of the precious metal. In India, the price of 10 grams of 24-carat gold has reached a staggering Rs. 70,978, marking a significant increase of over Rs. 1000 within a single day.
Market analysts attribute this surge to various global factors, including the anticipated US inflation data meeting expectations and speculations surrounding the Federal Reserve’s potential interest rate cuts starting from June.
However, a standout factor contributing to this surge is the robust demand for gold from China, particularly in light of its increasing interest in the commodity. This heightened demand has propelled gold prices to unprecedented heights, setting a new benchmark in the market.
With international dynamics continuing to influence gold prices, experts predict further fluctuations in the near future, emphasizing the significance of global market trends in shaping the precious metal’s value.
