Norm Franz once quoted that “Gold is the money of kings”. Indians prefer purchasing both physical and digital gold as it acts as a hedge against inflation. The interest in gold majorly arises through retail investors, central governments and exchange traded funds houses. If you too plan to buy and redeem 24k digital gold, it is advisable to take a closer look at the latest gold prices. The focus is always on making the best of your digital gold purchase.
Gold’s Price Performance This Week
Though the Federal Reserve decided to keep rates unchanged, they upward revised their FFR (Federal Funds Rates) projections for 2025. As a result, Spot Gold prices rose sharply by 1%. Economic projections gave investors a more optimistic outlook for 2024 GDP growth.
Spot Gold Price touched approx. $2178 and MCX Gold touched around ₹65750 on 20th March 2024. There was a slight drop in the US benchmark 10-year Treasury yields which led to an upward movement in gold’s price and weakening of the US dollar index.
Spot Gold prices reversed from its record high of $2222/oz and ended lower by 0.1% at $2183/oz on 21st March.
(Spot Gold Graph of 21st March 2024)
Take A Look At Last Week’s Gold Price
Market players expected that the US Federal Reserve’s easing cycle might finally start that got delayed due to strong US economic data. As a result, Spot Gold shifted from its record high of around $2195/oz and closed lower over 1% last week. MCX Gold also suffered losses of around 0.7% and hit a low of ₹65382 per 10 gm last week as international gold prices weakened. As compared to last week, the price of gold fell by almost 0.78%.
Why There Is No Right Time To Purchase Digital Gold?
Gold has a reputation as a store of value, has survived many economic downturns and is recognized as a valuable asset worldwide. It is why there is no right time to purchase gold. One of the primary benefits of buying digital gold is that you can purchase in small fractions anywhere and anytime through digital access.
For example, if you buy one gram of 24 carat gold at a price of ₹5,760 today and redeem it after 5 years, you can expect an average annualized return of around 5%. myDigiGold is the name you can trust if you plan to buy and redeem 24k digital gold. The purchased gold can be redeemed 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.