Escalating Gold Price Reaction from Mr. Vijay Soni, the Director of Mahabir Danwar Jewellers-

Gold prices have surged in India to an all-time high of 62k for 24 carats recently.

According to Mr Vijay Soni, Director, Mahabir Danwar Jewellers, “Gold Price is at an all-time high right now and since the past 5 months we can see that the Gold Prices are going up with each passing day. The reason behind the inflation is the default in two US based banks, namely Silicon Valley Bank & Signature Bank. If for some reason, we get to hear a piece of positive news and these banks get financial aid, only then there is a possibility that the Gold rates might come down. Or else, there’s still a chance for it to increase.”

He further adds, “Nonetheless, gold has outperformed many major asset classes while providing robust performance in both rising and falling markets. It has been noted that gold has consistently performed better than other asset classes like equity over a long period of time even when stock markets have been booming.”