Experts predict significant increase in gold prices
Hyderabad: Experts are forecasting a potential increase in gold prices, with a predicted value of 62,000 rupees per 10 grams in the near future. Over the past quarter, gold has seen a 14% rise, with an additional 4% increase in January. With the current global political and economic conditions, the trend of rising gold prices is anticipated to continue. The fear of recession, inflation, and a decrease in demand for cryptocurrencies are contributing factors to the increase.
The Federal Reserve, the US central bank, has played a role in the rise of gold prices with their recent interest rate hike. The Fed raised interest rates by 0.25% to curb inflation. Additionally, the easing of COVID-19 restrictions has led to a rise in demand for gold, helping to secure its value.