Gold prices surged to record highs globally and in India on Friday due to investor demand for a safe haven during economic uncertainty. In India, 24K gold is priced at ₹93,390 for 10gm, 22K gold at ₹85,610, and 18K gold at ₹70,050 per 10gm.
Spot gold hit a new high at $3,219.84 per ounce on the international stage, marking the first time prices have crossed the $3,200 per ounce threshold. Spot gold reflects the current market price for immediate gold transactions, with settlements usually occurring within one to two business days. US gold futures are trading even higher at $3,237.50 per ounce due to economic uncertainty.
Manav Modi, Senior Analyst at Motilal Oswal Financial Services Ltd, attributes the rise in gold prices to various factors. This includes investors turning to gold due to escalating US-China trade tensions and seeing it as a long-term hedge. Additional factors are a weaker dollar making gold more affordable for buyers using other currencies, central banks increasing their gold reserves, and concerns about recession prompted by low inflation data and potential Fed rate cuts.
Experts anticipate a potential rise in gold prices, reaching $3,300 internationally or ₹95,000 per 10 grams in India, as per Augmont Bullion. Modi warns of market instability and potential gold testing at ₹95,000/10g if the US-China negotiations falter. Capital.com’s Kyle Rodda suggests the next milestone at $3,500/ounce with an evident upward trend.
Sources News From Various Digital Platforms, Websites, Journalists, And Agencies.
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