By Manisha Gupta Mar 20, 2023 7:19:34 PM IST (Updated)
Listen to the Article(6 Minutes)
Spot gold prices hit an all-time high of Rs 61,000 per 10 grams in India on Monday. On a weekly basis, Gold prices are up over 6 percent, marking their best gains over the last four-and-a-half months.
Gold prices in Australia also touched their peak of $2,922 an ounce, fuelled by the falling value of the Australian dollar against the US dollar.
The Comex gold prices also witnessed a rally, hitting an 11-month high of $1,997.80 per troy ounce.
The ongoing banking crisis globally has raised expectations that the US Federal Reserve will ease up on its aggressive rate hike cycle after its two-day meeting starting Tuesday, March 21.
Before the collapse of Silicon Valley Bank, it was expected that Fed policy makers would raise rates by as much as 50 basis points. But after the recent financial turmoil that led to emergency liquidity measures from the Federal Reserve and major central banks, most analysts are now pricing in a 25 basis points rate hike.
According to a note by JP Morgan last week, up to $2 trillion in liquidity could be added to the US banking system by the Federal Reserve. Funds will be made available through its Bank Term Funding Program that was announced as banks face a liquidity crunch.
Currency | Price | Change | %Change |
---|