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Gold Prices Skyrocket to Unprecedented Rs 91,000 Amid Global Uncertainties and Israel-Hamas Tensions

Gold Reaches New Heights

In an unprecedented surge, gold prices have soared to a record high of Rs 91,250 per 10 grams in the national capital, marking a significant milestone in the precious metals market. This remarkable increase is attributed to a combination of stockist and retailer buying sprees, alongside robust trends in international markets, as reported by the All India Sarafa Association.

Gold hits record high! Precious metal crosses Rs 91,000 as investors seek safe-haven amid Israel-Hamas tensions

Global Factors Driving Demand

Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, highlighted the ongoing uncertainties surrounding US President Donald Trump's policies, fears of a US recession, and geopolitical tensions as key factors making gold an attractive safe-haven asset. Additionally, weak US economic data has fueled expectations of multiple interest rate cuts by the US Federal Reserve, further bolstering gold's appeal.

Silver and Gold Futures Also on the Rise

While gold prices have been grabbing headlines, silver prices have also touched a historic high, remaining steady at Rs 1,02,500 per kg. Similarly, gold futures experienced a significant jump, reaching a new peak of Rs 88,672 in afternoon trading on the Multi Commodity Exchange (MCX).

Looking Ahead

With the upcoming Federal Reserve policy meeting, investors are keenly awaiting clarity on future monetary policy amidst rising economic concerns. The global spot gold price has also hit a new record, underscoring the metal's enduring appeal as a safe-haven asset in times of uncertainty.