Gold prices soar to record high of ₹78,700 per 10gm
Gold prices in India hit an all-time high of ₹78,700 per 10gm today. The sharp increase comes on the back of steady buying support from jewelers, and positive trends in international markets. The last closing price of the precious metal was ₹78,450 per 10gm on Friday. Meanwhile, silver fell by ₹200 to close at ₹94,000 per kg from ₹94,200 per kg on Friday.
Gold of 99.5% purity also hits record high
Gold of 99.5% purity also saw a jump in its value, hitting an all-time high of ₹78,300 per 10gm today. The spike was fueled by robust domestic demand from stockists and retailers. The last closing price for this type of gold was ₹78,100 per 10gm on Friday. Traders have attributed the gains to higher domestic demand, and ongoing geopolitical tensions in the Middle East, especially between Israel and Iran.
Geopolitical tensions and market uncertainties boost gold prices
The recent spike in gold prices is also attributed to safe-haven demand. As geopolitical tensions rise, investors often flock to gold as a stable investment in uncertain times. The fall in equity markets has also contributed to this rally as investors have moved toward safe-haven assets like gold.
Global gold and silver trends
In the Asian trading hours, Comex gold was trading 0.14% higher at $2,671.50 per ounce. However, silver fell by 0.61% to $32.20 per ounce in international markets. Manav Modi, Senior Analyst - Commodity Research at Motilal Oswal Financial Services Ltd, said, "COMEX gold remains steady as tempered expectations for aggressive interest rate cuts by the US Federal Reserve counter safe-haven demand amid ongoing tensions in the Middle East."
