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Gold Rocks With Around 10% Surge In March, Hits Another Record High Near $2260 Per Ounce

29-Mar-24 12:46 Hrs IST

Gold futures recorded loft gains in last session, adding to its recent upside moves as commodities stayed well supported. The last trading session of March quarter triggered a massive spike in COMEX Gold as the futures raced above the latest all time high and zoomed near $2260 per ounce. It ended up nearly 2% at $2256 per ounce, notching up another record high. The commodity is up by a smashing 10% in March 2024. Meanwhile, the recent spurt has emerged despite strength in the US dollar index. Yesterday, the World Gold Council or WGC acknowledged the current momentum in Gold as it highlighted the benefits Gold can offer to investors to enhance portfolio. WGC noted that Gold is a highly liquid asset, which is no one?s liability, carries no credit risk, and is scarce, historically preserving its value over time. It also benefits from diverse sources of demand: as an investment, a reserve asset, gold jewellery, and a technology component. The spurt in global prices pushed up MCX Gold futures to a high of Rs 67859 per 10 grams yesterday and the counter ended at Rs 67701 per 10 grams, up marginally on the day.

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