Gold prices have gone up on the last day of the week as well. With this, the cost of one sovereign of gold has hit Rs 52,280 for the first time. There was an increase in price by Rs 960 on Saturday alone. The price per gram increased by Rs 120 in one go.

The reason for this surge is the continuous rise in prices in the global market. Spot gold prices touched 2230 dollars per troy ounce. The silver prices also witnessed a rise. 

The price of gold in the international market was influenced by the prospect of interest rate reduction. This is also the reason why the dollar index showed strength but did not affect gold. The expectation that the US central bank will cut rates soon is reflected in the market. Geopolitical tensions, China’s massive buying, and rupee depreciation are all factors that have influenced gold prices.

On the country’s commodity market MCX, the price of 10 grams of 24-carat gold reached Rs 70,699.