Gold Price: Rate of yellow metal rises by Rs 328 to Rs 54,552 per 10 gms; what can bring a correction? Know expert's take

Today, the price of gold reached Rs 55,000 for 10 grams on the Multi-Commodity Exchange (MCX) during intra-day trade, however, it has come down as of now. In the international markets, the prices of gold went past $2070 on Tuesday.

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In this context, has to be remembered that the all-time high of gold in spot market is around $2077. At COMEX, the all-time high rate is around $2021. While on MCX, the all-time high price for gold is Rs 56,151.

Now, the question that arises in this context is that whether this rapid rise in the price of gold is worrying for the markets. Also, there is a concern that the markets might crash due to the rapid rise in the price of gold.

सोने-चांदी में तूफानी तेजी
MCX पर सोना ₹55,000 के पार

सोने की तूफानी तेजी से बाजार के लिए डर?#Gold के बाजार में क्या करें इन्वेस्टर्स?#silver में भी जोरदार तेजी,क्या करें?

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In a conversation with Zee Business, Bhargav Vaid said, "The price of gold has risen due to a geopolitical situation. Now, if the two parties decide to have a dialogue, then there can be a correction. However, there is inflation and the prices of oil are also very high, nevertheless, a correction can come if it is announced that the war." "As for my personal working, the war premium is $150," he informed.

The Gold prices on Wednesday rose by Rs 328 to Rs 54,552 per 10 grams in the futures trade as speculators created fresh positions on a firm spot demand, as per a PTI report.

On the Multi Commodity Exchange, gold contracts for April delivery traded higher by Rs 328 or 0.6 per cent at Rs 54,552 per 10 grams in a business turnover of 11,219 lots. The fresh positions built up by participants led to the rise in gold prices, analysts said.

Globally, gold prices traded 0.54 per cent higher at USD 2,054.30 per ounce in New York.