Gold Prices Hit Record High Amid Global Uncertainty

Gold prices surged to a new all-time high of Rs 91,950 per 10 grams in India, driven by jeweller demand and global uncertainties. Middle East tensions and fears of a US economic slowdown have led to increased safe-haven demand. Silver prices also hit a record high.

Gold prices reached an unprecedented peak of Rs 91,950 per 10 grams in the national capital on Wednesday, fueled by substantial buying from jewellers preparing for the wedding season, as reported by the All India Sarafa Association.

This surge was supported by escalating tensions in the Middle East and concerns about a slowing US economy, sustaining demand for safe-haven assets. In international markets, spot gold rose 0.15%, touching USD 3,045.39 per ounce, while Asian gold futures reached an all-time high of USD 3,052.31 per ounce.

Experts, including Jateen Trivedi of LKP Securities and Chintan Mehta of Abans Financial Services, attribute the gold rally to global uncertainties akin to those during the COVID-19 pandemic peak, prompting central banks to amass gold reserves instead of US Treasuries.

(With inputs from agencies.)