Gold prices surged significantly, with the price of 99% pure gold in New Delhi rising by ₹350 to ₹89,100 per 10 grams. Silver also witnessed a sharp increase, crossing ₹1 lakh per kg. On Friday, gold closed at ₹88,750, but has now surpassed the ₹89,000 mark. In the international market, gold is trading at $2,954.71 per ounce, while spot gold gained $5.50 to reach $2,941.55 per ounce.
In Hyderabad, the price of 22-carat gold stands at ₹80,550 per 10 grams, while 24-carat gold is priced at ₹87,870. The silver rate in the city has climbed to ₹1.08 lakh per kg.
Market analysts attribute the surge to increasing global trade tensions and economic uncertainties, driven by tariff policies imposed by former U.S. President Donald Trump. Amid these concerns, investors are shifting towards safe-haven assets like gold. Additionally, the weakening Indian rupee has provided further support to rising gold prices in the domestic market.