Donald Trump has taken several shocking decisions since becoming President. He first increased the tariff on Mexico and China and later postponed it. Now the Indian rupee has fallen significantly due to the possibility of high tariffs being imposed on many countries. Its effect has also been seen on gold. Gold prices are skyrocketing. Even today the price of gold has created a new history. 24 carat gold without GST has now reached a new all -time high of Rs 85368 per 10 grams. Today, on Monday, February 10, gold rose by Rs 669 to Rs 85,368. Whereas today there is a decline in silver prices. Today, silver in the bullion market cheap Rs 451 to Rs 94,940 per kg.
Gold price increase
According to the Indian Bullion Jewelers Association, the price of 24 carat gold has increased by Rs 666 to Rs 85,062 today. The average spot of 22 carat gold has now reached Rs 78,197 and 18 carat prices by Rs 64,026 per 10 grams. While the price of 14 carat gold is now Rs 49,940 per 10 grams. This rate has been announced by the India Bullion and Jewelers Association (IBJA), in which GST is not imposed. It is possible that this will make a difference of 1000 to 2000 rupees in your city.
Why is gold getting expensive?
According to a news agency report, US Presidents can impose 25% tariffs on steel and aluminum imports in the US, besides metal charges. They can also announce tariffs on several other countries on Tuesday. Whenever such a situation arises, the price of gold increases. If the trump decides to increase the tariff, then it will also affect America. Inflation may increase there and if inflation increases, the fed may stop re -interest cuts.
Devaluation of rupee
Apart from global factors, gold prices have increased locally due to weakness in rupee. The Indian rupee opened at a record low on Monday. On Friday, the rupee fell 49 paise to close at 87.43 against the dollar, the lowest level of 87.92 so far. Which closed at 87.43 per dollar on Friday.
