Gold prices in India have surged to a record high today, reaching Rs 8,432 per gram. This represents an increase of Rs 1,322 from Rs 8,310 per gram on February 4, driven by rising global uncertainties and safe-haven buying. Here's a breakdown of the key factors behind this price surge.
Surge in Gold Prices Due to Global Tensions
Gold's all-time high is largely attributed to increased demand for safe-haven assets, especially after China's response to US tariffs. These tariffs, initially imposed by former US President Donald Trump, have affected global trade dynamics and led to a rise in inflation expectations. According to Motilal Oswal Financial Services, the tariffs are seen as inflationary, pushing investors toward gold, which is considered a reliable hedge against both inflation and geopolitical risks.
Regional Gold Prices Across Major Cities
Today, 22-carat gold is priced at Rs 8,230 per gram. On the Multi Commodity Exchange (MCX), April gold futures touched Rs 84,200 per 10 grams, reflecting the bullish trend. In major Indian cities, the prices of 24-carat gold are as follows:
Delhi: Rs 85,383 per 10 grams
Chennai: Rs 85,231 per 10 grams
Mumbai: Rs 85,237 per 10 grams
Kolkata: Rs 85,235 per 10 grams
Silver Prices Remain Stable with Modest Gains
While gold prices have seen a significant jump, silver prices have remained relatively stable. On MCX, March silver futures are trading at Rs 95,674 per kilogram, with an increase of Rs 1,400 this week. Regional silver prices show slight variations:
Chennai: Rs 1,08,600 per kilogram
Delhi: Rs 1,01,500 per kilogram
Mumbai: Rs 1,00,800 per kilogram
Kolkata: Rs 1,02,300 per kilogram
Globally, spot gold rose by 0.2%, reaching $2,847.33 per ounce, while US gold futures remain steady at $2,876.10 per ounce. Silver also gained 0.2%, trading at $32.15 per ounce.
This increase in gold prices highlights the growing demand for precious metals amid uncertain global conditions.