Gold Rate: Gold prices at record high; Will the ₹1 lakh mark be crossed soon? Here’s the reason!
Gold Rate: Gold prices at record high; Will the ₹1 lakh mark be crossed soon? Here’s the reason!
Gold prices in Delhi surged sharply today, reaching a record high. According to the Sarafa Bazaar, gold and silver prices increased by Rs 1,300 pushing both metals to historic levels.
The price of 99.9% pure gold climbed to Rs 90,750 per 10 grams. On Thursday, it was Rs 89,450. Similarly, 99.5% pure gold rose by Rs 1,300 to Rs 90,350 per 10 grams. Silver touched Rs 1,02,500 per kg, up from Rs 1,01,200.
So far this year, gold prices have increased by Rs 11,360 or 14.31%. In the past three years, gold has given investors an average annual return of 17%.
Experts say the main reasons for the rise are global uncertainty over US tariffs and expectations that the Federal Reserve may ease monetary policy. An official said central bank buying and global economic instability have also pushed up prices. He added that demand for gold as a safe haven has increased due to US trade and economic policies.
Hopes of further interest rate cuts by the US Federal Reserve are fueling the rally. He noted that geopolitical risks are also playing a role. If global instability increases, experts believe gold prices could soon touch Rs 1 lakh per 10 grams.
Interestingly, gold futures prices in India’s Multi Commodity Exchange (MCX) and New York’s COMEX have shown a decline, contrasting with the spot market rise.
The bullion market was closed on Friday due to Holi. It reopened with strong gains on Monday.
