Gold achieved the biggest gain in 17 years

Business Business: The incredible rise in gold prices this year has broken all records. The dividend yield of gold is the highest in 17 years. So far this year, investors have got a return of 31.33%. In early 2007, investors achieved the highest return of 31.02%.

The price of 99.9% pure gold was Rs 62,000 per 10 grams at the beginning of 2024. Then by May 9, the price rose to Rs 72,000. Due to the cut in gold import duty in the budget, gold prices fell for some time but later it improved. On October 18, the price reached an all-time high of Rs 79,900 in the capital Delhi. Since January, gold prices have increased by about Rs 18,000 per 10 grams.

Market experts say that gold is considered the safest investment. For this reason, the price of gold increased significantly around the world during the geopolitical crisis. The price of gold in the international markets exceeded $ 2,700. Apart from this, big banks in many countries also buy gold to constantly increase their gold reserves.

This makes gold shine even more. The price in India is still more than Rs 79,000. If this momentum continues, gold may soon reach the figure of 85 thousand. Keeping this in mind, gold has given a return of about 13% so far this year.

India is estimated to be the second largest consumer of gold in the world after China. Gold demand is expected to increase during the festive season after the government cuts import duty in July 2024. However, there are concerns that rising gold prices may hurt investors’ buying activity. However, this effect may only be short-lived.