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Gold and Silver Soar to Record Highs Amidst Global Uncertainty
New Delhi: Gold and silver prices have shattered previous records, driven by geopolitical tensions and shifting expectations regarding interest rates. As of today, 24-carat gold reached an all-time high of ₹1,39,851 per 10 grams in the futures market, just ₹149 away from touching 1.40 lakhs, while silver surged to ₹2,35,247 per kilogram, marking its fifth consecutive session of gains.
The surge is attributed to two primary factors. Firstly, persistent global geopolitical instability, including the ongoing Russia-Ukraine war and concerns about energy supply disruptions due to Venezuelan oil supply interruptions. Growing uncertainty in Africa is pushing investors toward safe-haven assets like gold and silver. This global uncertainty has pushed international gold prices near $4,500 per ounce.
Secondly, changing expectations about interest rates are influencing the precious metal market. Anticipation that the US Federal Reserve might cut interest rates next year is making traditional fixed-income investments less attractive. Investors are increasingly looking to gold as a store of value, leading to increased investment in Gold ETFs and significant gold purchases by central banks worldwide.
Experts suggest that if geopolitical tensions persist, a significant price drop in gold is unlikely. The precious metal has already seen a surge of over 70% this year, establishing it not only as a luxury but as a key component of investment portfolios. Analysts predict silver could reach ₹2.50 lakh in the near future.
Consumers planning to purchase gold for weddings or other necessities face elevated prices. Experts advise potential buyers to monitor global events closely before making decisions.
First Piper 