Gold Surges to Record High, Crosses ₹98,000 Mark; Silver Also Jumps Sharply
Gold prices soared to a historic high on Wednesday, with the cost of 10 grams of fine gold breaching the ₹98,000 mark. In Delhi, gold prices rose sharply by ₹1,650 in a single day, reaching ₹98,100. Similarly, in the Hyderabad bullion market, gold was priced at ₹97,700 per 10 grams by 4:30 PM.
The surge in gold was mirrored by silver, which also saw a significant spike. The price of one kilogram of silver jumped ₹1,900 to reach ₹99,400. On Tuesday, silver had closed at ₹97,500 per kilogram, making this one of the steepest single-day gains in recent months.
In global markets, the price of gold climbed to $3,318 per ounce, further reflecting the strong bullish trend in precious metals.
Financial analysts point to a combination of global economic uncertainties, inflationary concerns, and geopolitical tensions as key factors behind the ongoing rally. Goldman Sachs, in a recent forecast, suggested that gold prices could touch ₹1.25 lakh per 10 grams by the end of 2025.
Trade tensions and tariff policies under former U.S. President Donald Trump have also been cited as contributing to the volatility in global markets, leading investors to seek the safety of gold.
With ongoing global concerns and central banks maintaining high interest rates, both gold and silver are expected to remain in strong demand as safe-haven assets.
