As Mike Belkin quoted, “Borrowers will default. Markets will collapse. Gold (the ultimate form of safe money) will skyrocket.” E-gold is a safe investment option even when markets are declining as gold prices generally do not fall with market prices. With spot gold prices rising over the key $2000 level to settle at over 1% in the last week, it is the best time for investors to buy e-Gold.
A Closer Look at Last Week’s Gold Price
Spot Gold prices witnessed its second consecutive weekly gain last week as the US dollar became weak. Gold prices rose over 1% and touched a 3-week's high of $2007/oz last week. The rising prices are still facing some limitations due to easing crude oil prices and higher US yields. The weaker data that came out in the 3rd week of November has deteriorated the US dollar index. There are predictions that the Fed might shift to a more dovish point and it could be a tailwind for gold in 2024.
Why Gold Price Is Expected To Increase Further
- Acts as a hedge against inflation.
- Has a reputation as a store of value.
- Has survived many economic downturns.
- Recognized as a valuable asset worldwide.
Recent Gold Price Hike in India
Gold prices have drastically risen this week on India’s Multi Commodity Exchange (MCX). The precious yellow metal regaining upside traction has been a relief for gold investors. It stood at a price of around ₹ 61,229 per 10 gm on Tuesday.
The ongoing Israel-Hamas conflict plays a notable role in the anticipated increase. The geopolitical turmoil bought a level of uncertainty and tension, driving investors toward safe-haven assets like gold. The gold market in India is experiencing a shift and prices are expected to continue upward movement as the conflict unfolds and global dynamics respond to the crisis.
Benefit From The Gold Price Hike By Purchasing E-Gold
The recent gain in gold prices indicates that the precious yellow metal has a promising future. With the advancement in technology, e-gold has become an affordable option for millennials willing to protect their wealth during challenging economic times. You can buy e-gold even when markets are turbulent or experiencing recessions.
Enjoy Hassle-Free E-Gold Purchase With myDigiGold
The best place to start if you are considering to buy digital gold is myDigiGold, a renowned digital platform for gold transactions. You can rest assured of right pricing during e-gold buy or sell. You can even redeem your purchased digital Gold any time from the Senco website or from any of the 150+ Senco stores spread across India. Visit myDigiGold now to create value and wealth with least hassles.
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.