Gold Prices Hit Record High of ₹88,500 Per 10 Grams in India

New Delhi: Gold prices surged by ₹2,430 on Monday, reaching a record high of ₹88,500 per 10 grams in the national capital. This sharp rise was influenced by strong global demand and a weakening rupee, according to the All India Sarafa Association.

Why Are Gold Prices Rising?

The increase in gold prices happened after global gold rates crossed $2,900 per ounce. This was triggered by an announcement from U.S. President Donald Trump, who imposed a 25% tariff on all steel and aluminum imports. This move caused investors and jewellers to buy more gold, further pushing prices up.

• 99.9% purity gold was at ₹86,070 per 10 grams last week but jumped to ₹88,500.
• 99.5% purity gold also increased by ₹2,430, reaching ₹88,100 per 10 grams.
• Silver prices followed the trend, rising ₹1,000 to ₹97,500 per kg.

Investors Turning to Gold

Market experts say investors are moving away from stocks and other risky assets due to global economic uncertainty. Instead, they are buying gold, which is considered a safe investment during uncertain times.

• On the Multi Commodity Exchange (MCX):
  • April gold futures surged ₹940, hitting an all-time high of ₹85,828 per 10 grams.
  • March silver futures rose ₹632, reaching ₹95,965 per kg.

Gold Prices Around the World

• Comex gold futures increased by $45.09 per ounce (1.56%), setting a record at $2,932.69 per ounce.
• Spot gold also crossed the $2,900 mark, showing a strong upward trend.

What Experts Are Saying

According to Saumil Gandhi, a senior analyst at HDFC Securities, gold hit a new record as investors shifted their funds to safe-haven assets after Trump’s trade policy announcement.

A report by ING Bank, a Dutch multinational, stated that gold has been reaching record highs due to concerns over inflation and slow economic growth. The report even predicted that gold prices could soon hit $3,000 per ounce if market conditions remain uncertain.