Gold prices have surged again due to rising global uncertainties, pushing domestic rates back to around ₹98,000 per 10 grams. In Delhi, the price of 24-carat gold increased by ₹1,910 in a single day, reaching ₹98,450, compared to Wednesday’s closing rate of ₹96,540. Similarly, in Hyderabad’s bullion market, gold traded above ₹98,000 per 10 grams as of 7 PM.
Silver prices also witnessed a rise, climbing to ₹99,160 per kilogram—an increase of ₹1,660 from Tuesday’s ₹97,500. On the international front, gold traded at $3,311 per ounce in the spot market. After fluctuating between highs above $3,400 and lows below $3,200, renewed geopolitical and economic concerns have pushed prices back above $3,300.
Chintan Mehta, CEO of Abans Financial Services, attributed the rise to a weaker US dollar, which has boosted demand for gold as a safe haven. Moody’s recent downgrade of the US credit rating has further intensified worries about the country’s long-term economic stability, prompting investors to shift towards secure assets like gold. Additionally, reports of a potential Israeli strike on Iran’s nuclear sites have heightened geopolitical tensions, contributing to the upward movement in gold prices, according to Kainat Chainwala, Associate Vice President at Kotak Securities.