Gold prices shot up to Rs 30,852 per 10 grams on Thursday at the Multi Commodity Exchange after the precious metal became dearer in global markets. This is the first time in two years that the price has crossed Rs 30,000 mark. Globally, gold cost more than $1,300 (Rs 87,483) an ounce (approximately 28.34 grams), reported PTI.
Gold prices have gone up by 24% since January 2016. Currently, the yellow metal is the best performing asset globally. Analysts believe that risk-averse investors have stuck with safe assets such as gold, pushing prices up. Experts say that if the UK leaves the European Union, the international gold prices could go as high as $1,400 (Rs 94,213) reported Economic Times.
The decision by two major central banks of the world – Federal Bank Limited and Bank of Japan – to hold key policy rates unchanged has also added to the price surge. Besides, the dollar tumbled against other major currencies, and this also added to the spurt.