Amid global market uncertainties, gold prices continued to rise for the eighth consecutive day, crossing the ₹83,000 mark per 10 grams for the first time. On Friday, gold of 99.9% purity rose by ₹200 to hit an all-time high of ₹83,100 per 10 grams, according to the All-India Sarafa Association. The previous session had closed at ₹82,900.
Why Are Gold Prices Rising?
The surge in gold prices is attributed to global economic uncertainty and safe-haven demand. Saumil Gandhi, Senior Commodities Analyst at HDFC Securities, highlighted that policies like the proposed US tariff plan under President Donald Trump are driving this trend.
Gold of 99.5% purity also rose by ₹200, settling at ₹82,700 per 10 grams. In international markets, Comex gold futures climbed $15.50 to $2,780.50 per ounce, reflecting strong global demand.
Silver Follows the trend
Silver prices also surged, gaining ₹500 to reach ₹94,000 per kg, up from ₹93,500 in the previous session. Comex silver futures rose by 1.53% to $31.32 per ounce in Asian trade.
Key Drivers Ahead
Analysts emphasize monitoring global economic indicators. Kaynat Chainwala of Kotak Securities pointed to PMI data and US housing figures as critical for assessing economic activity. Jatin Trivedi of LKP Securities added that the upcoming Union Budget and the US Federal Reserve’s interest rate decision will play a vital role in determining bullion price trends.
Investors continue to flock to gold as a safe investment amid uncertain times, pushing prices to record highs.
