Gold and Silver Surge Amid US-China Trade Tensions
Gold and silver prices have soared to record highs due to renewed US-China trade tensions, increased demand for safe-haven assets, and positive sentiment ahead of the festive season. The gems and jewellery sector expects a significant sales surge, despite rising metal costs and geopolitical uncertainties.
- Country:
- India
Gold prices in the national capital surged by Rs 1,950 to a record Rs 1,27,950 per 10 grams amid heightened US-China trade tensions. Market experts attribute the rally to increased safe-haven demand. Concurrently, international spot gold rose 2% to a new high of USD 4,096.64 per ounce.
Silver followed suit with a Rs 7,500 leap, reaching Rs 1,79,000 per kilogram amid robust market demand. The white metal's price climbed over 3% in international markets to a new peak of USD 51.99 per ounce, driven by geopolitical tensions and expectations of lower US interest rates.
The gems and jewellery sector remains optimistic, anticipating a boost in sales despite soaring metal prices. Industry leaders foresee an 18% to 20% increase in festive-season sales, prompted by strong consumer demand and burgeoning investment interest in the precious metals sector.
(With inputs from agencies.)
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