Gold and Silver Reach Record Highs Amid Festive Demand

Gold and silver prices in India hit new record highs amid strong demand from the festive and wedding season. The geopolitical tensions and seasonal demands propelled gold to Rs 81,500 per 10 grams. Silver surged to Rs 1.02 lakh per kg, reflecting a Rs 10,000 jump within six days.

Gold and silver prices in India reached new record highs on Wednesday, driven primarily by a surge in festive and wedding season demand, according to the All India Sarafa Association. Gold prices rose by Rs 500 to an unprecedented Rs 81,500 per 10 grams, while silver spiked by Rs 1,000 to hit Rs 1.02 lakh per kg.

The robust upward movement in bullion prices was attributed to a confluence of factors, such as seasonal demand and geopolitical tensions, primarily stemming from the West Asia conflict. In the physical and online market alike, silver prices have touched Rs 1 lakh during the past six trading days, and gold prices jumped by Rs 2,850 per 10 grams since mid-October.

Experts highlight the buoyant market mood, supported by favorable international pricing and expectations of interest rate cuts. Concerns about geopolitical tensions and the US Presidential elections have spurred demand for gold, perceived as a safe haven. Meanwhile, silver is trading at record highs, although a slight correction was noted during the trading day.

(With inputs from agencies.)