Buying your dream home, gifting for festivals: Top personal finance stories
Source: Business Standard
Diwali gifting trends are changing, with a focus on premium, sustainable, and socially conscious products. (Stock photo)
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$2,666 per ounce: Price of gold in international market
Owing to the escalation in tensions in West Asia and the US Federal Reserve’s interest rate cuts, gold is witnessing a fresh price surge. Since the beginning of September 2024, the yellow metal has gained 5.24 per cent in international markets and 4.5 per cent in Mumbai’s spot market. The rally shows no signs of abating. Market analysts are now projecting one-year targets between $2,900 and $3,200 per ounce, up from the current $2,666.
In India, gold prices have soared to record levels despite a reduction in import duty. The Indian government cut the gold import duty from 15 per cent to 6 per cent in July this year, initially leading to a drop in domestic prices. However, this relief was short-lived. Standard gold in Mumbai’s Zaveri Bazaar is now priced at Rs 75,312 per 10 grams, the highest ever recorded. Meanwhile, futures on the MCX have surpassed Rs 76,000 per 10 grams.
First Published: Oct 04 2024 | 9:00 AM IST
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