Gold prices in India soar to all-time high near ₹91,000
What's the story
Gold prices in India reached a new all-time high today, buoyed by strong global cues and heightened investor demand.
The price of 24-carat gold soared to ₹90,980 per 10gm, up ₹1,140. The price of the 22-carat variant also rose by ₹1,050 to ₹83,400 per 10gm.
The surge comes as part of a broader trend in global markets where gold crossed the $3,000 mark per ounce.
Global surge
The spike is largely attributed to potential global trade war
The global gold market has also seen a sharp rise, with spot gold reaching an all-time high of $3,079.01 per ounce. US gold futures followed suit, reaching $3,086.80 per ounce.
The spike is largely attributed to fears of a potential global trade war over US President Donald Trump's potential new tariff plans.
Investors are increasingly turning to gold as a safe-haven asset, driving prices up for the fourth consecutive week.
Future predictions
Analysts predict continued growth in gold prices
Kyle Rodda, a financial market analyst at Capital.com, said "Gold has the wind at its back at the moment."
He said that US trade policy, fiscal policy, geopolitics, and a growth slowdown are all contributing to this.
Edward Meir from Marex drew attention to uncertainty over retaliatory measures from other nations as well as expectations of interest rate cuts and ongoing geopolitical conflicts which have further boosted gold's appeal.