Business

Record-Breaking Surge: Gold Prices Skyrocket to Rs 86,875 Amid Global Economic Uncertainties

Gold Prices Reach New Heights

In an unprecedented surge, gold prices have soared to a record high of Rs 86,875 per 10 grams at the multi-commodity exchange (MCX), marking a significant milestone in the precious metals market. This remarkable increase is attributed to the growing demand for safe-haven assets amidst escalating US trade tariffs and a decelerating global economy.

Gold prices hit fresh high at Rs 86,875 on safe-haven demand

Silver Also Witnesses Significant Movement

Not to be outdone, silver May futures have also experienced notable activity, trading at Rs 99,389 per kilogram. Despite a slight dip of 0.09%, the overall trend for silver remains positive, reflecting the volatile nature of the commodities market.

Market Sentiments and US Inflation Data

The latest US inflation data, although slightly lower than the previous month, has provided a glimmer of hope for the market. Analysts suggest that this could lead to a less aggressive stance from the Federal Reserve regarding interest rates, potentially stabilizing the market further.

Outlook for Gold and Silver

Experts predict that gold and silver prices will remain volatile in the coming week, influenced by fluctuations in the dollar index and upcoming US PPI data. Despite this, both metals are expected to maintain their positions above key support levels, offering a beacon of stability in uncertain times.

Gold Prices Across Indian Cities

In cities across India, the price of gold varies, with 22K and 24K gold fetching different rates. From Delhi to Hyderabad, the demand for gold continues to reflect its enduring value and appeal as a safe investment.