Bank crisis benefited a lot, gold price reached record level

Gold Price 18 March: Precious metals are seeing a boom due to the prevailing economic uncertainties for more than a year. Especially a good rise in the price of gold (Gold Price Rise) has been seen. Now the banking crisis in America for the last one week has raised its prices to a record high level.

So much price on MCX

On Friday, it reached Rs 59,461 per 10 grams on the Multi Commodity Exchange ie MCX. This is its highest ever price. Earlier, the all-time high of gold was Rs 58,847 per 10 grams. After the end of trading on the last day of the week, gold closed at Rs 59,420 per 10 grams. In this way, a rise of Rs 1,414 per 10 grams was recorded in its price. During the week, the price of gold increased by about 06 percent. Last week, gold had closed at Rs.56,130 per 10 grams.

So fast in the global market

Talking about the global prices of gold, gold prices in the international spot market strengthened by more than 06 percent during the week. Last week, gold was at $ 1,867 an ounce, which reached $ 1,988.50 an ounce with a strength of 6.48 percent this week. Market experts estimate that in the coming times, gold in foreign markets can cross the level of $ 2,000 per ounce.

banking crisis helpful

The banking world, especially America, has been in trouble since last week. First came the news of the sinking of Silicon Valley Bank. After that Signature Bank had to be closed. The crisis in the banking world did not end here. Another American bank First Republic Bank is also on the verge of drowning, efforts are being made to save it. On the other hand, Credit Suisse, one of the oldest banks in Europe, is also facing challenges.

These factors are increasing the price

The prices of precious metals increase on every occasion when there are challenges on the economic front. Investors around the world look for safe investments in an environment of economic uncertainty and in such a situation they turn to precious metals, especially gold. Right now there is turmoil in the market in view of the banking crisis. At the same time, due to the increase in interest rates, the demand for gold as a safe investment is increasing.

read this also: Foreign exchange reserves were the lowest in three months, these reasons were responsible