Gold Prices: The upward trend in gold prices for the past several months is still continuing. Gold prices performed well this week as well, rising by about 5 per cent. On Friday, the price of gold stood at Rs 77,685 per 10 grams. This price of gold is only Rs 1850 less than the record high level of Rs 79,535. The main reason for this rise in gold on the Multi Commodity Exchange (MCX) is believed to be the increasing tension in the Russia-Ukraine war. Apart from this, after Donald Trump's victory in the US presidential election, investment in gold is also increasing due to the US economy, due to which its price is seeing a rise.

The main reason for the increase in the price of gold

According to commodity market experts, gold prices are rising due to three main reasons. First, Russia-Ukraine war, second, instability in the stock market and third, Donald Trump's victory in the US presidential election. 

Experts also say that the rise in the US dollar and the cautious stance taken by the US Fed towards rate cuts are working in the right direction. Overall the trend is positive, but the MCX gold rate has reached the level of Rs 78,800. If this remains the case, the price of gold can make new records.

According to Sugandha Sachdeva, Founder, SS Wealthstreet, "The growing geopolitical turmoil in the Russia-Ukraine war has further strengthened gold as a safe investment. Gold prices have gained 5 per cent this week, the biggest weekly increase since March 2024." 

Thor Metals Group CEO and gold expert Brandon Thor said, "The rising volatility and high valuations of the stock market have made gold a strong option. (As per discussion with Livemint)

Gold price in the coming days!

Brandon Thor said, "Given the current global and economic conditions, investing in gold and silver can be a good option to keep capital safe and earn profits. The tight monetary policy of central banks and increasing geopolitical risks give positive signals for gold. "

On the other hand, Sugandha Sachdeva said that the price of gold on MCX is trading at Rs 78,800 per 10 grams and is facing support at Rs 73,500 per 10 grams. Now the next trend of the price will be decided by going up or down from these levels.  

Factors affecting gold prices next week

Experts believe that next week the price of gold will depend on the US Q3 GDP data and PCE price index. Apart from this, new developments in the Russia-Ukraine war can also affect the prices of gold. Anuj Gupta, Head of Currency and Commodity, HDFC Securities, said, "Until a solution is found to the Russia-Ukraine war, the price of gold may continue to rise. Investors are advised to be cautious in this matter."