Expect the unexpected is the case what we see in gold price today.
The country saw a sudden hike in the gold price today as Rs 30,820 for 10 grams from yesterdays price of Rs 30,024.
The price for 10 grams has rose by 796 rupees from yesterday in India.
UPDATE: As of 1517 IST, the price of gold on MCX has fallen to 30,384, after touching a high of 31,079 intra-day. In the biggest market, Kerala, the price is 31,550, up from 30,695 yesterday.
After Prime Minister Modi´s announcement yesterday on demonetizing Rs 500 and 1000 notes, the gold price was expected to fall because gold is often bought using black money. But today we saw an unexpected sudden jump on gold price by 2%.
This is one of the biggest price hike in recent times.
As per the analyst views, the major hike is estimated due to the victory of Donald Trump in US Presidential election has made gold stronger in international markets.
Political uncertainty in the world’s biggest economy generally leads to a flight of capital towards safe assets such as gold. Gold prices are also up in other Asian markets that are trading right now.