Fri Jan 24 12:58:21 UTC 2025: ## Gold Prices Soar to Record Highs in India, Driven by Global Uncertainty
**New Delhi, [Date of Publication]** – Gold prices in India surged to record highs on Friday, marking their eighth consecutive day of gains, fueled by global market uncertainties and increased safe-haven demand. The precious metal reached an unprecedented Rs 83,100 per 10 grams (99.9% purity) in the national capital, a Rs 200 increase from the previous day’s close. 99.5% purity gold also hit a record high of Rs 82,700 per 10 grams.
This sharp rise is attributed to concerns surrounding potential US tariffs and policies under President Donald Trump, leading investors to seek refuge in gold, according to Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities. Deveya Gaglani, Research Analyst-Commodities at Axis Securities, echoed this sentiment, highlighting the uncertain market environment as a catalyst for increased safe-haven buying.
Silver also experienced significant gains, climbing Rs 500 to Rs 94,000 per kg. Futures markets mirrored the upward trend, with gold contracts for February delivery on the MCX climbing 0.42% to Rs 79,960 per 10 grams, while silver futures for March delivery surged 0.92% to Rs 91,984 per kg. International markets also saw a rise, with Comex gold futures appreciating by 0.56% to USD 2,780.50 per ounce and Comex silver gaining 1.53%.
Analysts are advising investors to monitor key economic indicators, including flash PMIs and US housing data, for insights into the global economic climate. The upcoming Union Budget in India and the US Federal Reserve’s interest rate decision are also cited as crucial factors that will influence future gold prices, according to Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities.
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