Gold prices surged to a record high of Rs 84,900 per 10 grams in the national capital on eve of Union Budget 2025, fueled by strong domestic demand and global market trends.
According to a Money Control report, citing the All India Sarafa Association, the price of 99.9% pure gold climbed by Rs 1,100 in a single session, marking the third consecutive day of gains. This rally has seen gold appreciate by Rs 5,510 or 7% since the beginning of the year when it was trading at Rs 79,390 per 10 grams, added the report.
Gold with 99.5% purity saw a significant rise, climbing by Rs 1,100 to reach Rs 84,500 per 10 grams. Similarly, silver prices also surged, increasing by Rs 850 to settle at Rs 95,000 per kg.
Why is Gold Price Increasing?
Global Gold Prices: Spot gold breached the $2,800 per ounce mark in international markets, boosting sentiment in the Indian market.Safe-Haven Demand: Renewed tariff threats by the US against Mexico, Canada, and China have pushed investors toward gold.Monetary Policies: Anticipated rate cuts by major central banks, including the European Central Bank, have supported gold’s bullish trend.Union Budget Anticipation: Market participants are awaiting India’s 2025-26 Union Budget, which may influence duty structures and further impact gold prices.
With inputs from agencies
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