Invest in Gold – Invest in Security. Digital Gold purchase is changing the traditional gold investment landscape, making it more accessible and attractive to a broader demographic. You can have better peace of mind during online digital gold purchase by following the recent market trends and managing risks effectively. The strong demand for safe-haven and expectations for US interest rate cut led to a hike in Spot Gold prices and it reached a record high of $2235/oz in the last week of March. Even MCX Gold rose by around 2.8% and reached a record high of ₹67850/10gm.
1st April Gold Price Performance
Spot Gold prices rose steeply and reached a record high of $2265 per oz on 1st April, 2024. There were expectations that the Federal Reserve might deliver its first interest rate cut in the month of June. But gold prices surged on Monday as the new financial year started. The hike was caused by the rise in the US dollar which rose by almost 0.4%, making the precious yellow metal more expensive than most currency holders. The moderating US prices in the month of February enhanced the possibilities of a June interest rate cut. Generally, gold prices rise when interest rates are low.
2nd April Gold Price Performance
Spot Gold prices reached a record high of $2276/oz on the second day of April as the tension in the Middle East grew and traders started showing more interest in the safe-haven asset. Even the US dollar index weakened, and gold prices became cheaper than other currency holders. Israel made a strike on Iran’s embassy in Syria and the tension in the Middle East enhanced the demand for yellow gold. Spot Gold prices got a hike of almost 10% this year and rose around 0.9% on 2nd April, 2024.
3rd April Gold Price Performance
Spot Gold prices again rose to a record high of $2298 per oz on 3rd April 2024. The hike came after Jerome Powell (chairman of the Federal Reserve) stated that the recent predictions on job gains and high inflation might not alter the entire picture of economic policy in this year. They even expect the economy to evolve broadly and the policy interest rate to go lower. Weakening of the US dollar index further led to a hike in the yellow metal price. Overall, Spot gold prices rose for 7th day in a row on the third day of the new financial year.
Gold prices are at an all-time high, making it a suitable time for e-gold buy. myDigiGold has eased the process of digital gold buy and sell. You can also redeem the purchased gold online at your convenience by visiting sencogoldanddiamonds.com or any of our 150+ Senco stores.
Disclaimer: The data provided on this blog is for general informational purposes only. The data is based on our research and understanding, and we cannot guarantee its accuracy or reliability.