Mon Feb 24 15:50:00 UTC 2025: ## Gold Prices Soar to Near Record Highs in India

**New Delhi, [Date of Publication]:** Gold prices in India have surged to near record highs, driven by global factors and strong investor demand, according to experts. On Tuesday, the price of 10 grams of 24-karat gold increased by ₹350 to approximately ₹89,100, nearing an all-time high. This follows a similar increase in the price of 22-karat gold.

The rise is attributed to several factors, including increased geopolitical uncertainty and a weakening US dollar. Experts at HDFC Securities and other financial institutions cite the ongoing accumulation of gold by central banks worldwide as a key driver of the price increase, fueled by a search for safe haven assets amidst global economic instability. The weakening dollar further boosts gold’s appeal to international investors.

Soumil Gandhi, Senior Commodities Analyst at HDFC Securities, highlighted that the continued demand for gold as a safe haven asset, spurred by geopolitical and commercial tensions, is contributing to the price increase. He also noted that the US dollar index fell for a third consecutive week, providing additional support for gold.

Similarly, Jatin Trivedi, VP Research Analyst at LKP Securities, points to the strong performance of COMEX gold, which traded above $2,925, as a contributing factor. The weakening Indian Rupee also provided additional support to MCX gold futures, which saw prices rise by ₹118 to ₹86,128 for April delivery. Spot gold also saw a global increase, rising $5.50 to $2,941.55 per ounce.

Chintan Mehta, Chief Executive Officer of Abans Holdings, emphasized that the combination of rising geopolitical tensions, economic uncertainty, and the weakening dollar is pushing gold prices close to all-time highs. He echoed the sentiment regarding central banks’ continued gold accumulation, reinforcing the strong demand for this safe-haven asset and predicting continued price increases. The price of silver remained relatively stable at around ₹1 lakh per kilogram.

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