Gold Soars to Record High Amid Global Demand and Rupee Decline

The national capital witnessed a significant surge in gold prices, reaching an unprecedented peak amid ongoing global demand for the precious metal. The weakened rupee, exacerbated by the US H-1B visa fee hike, further fueled the rally, leading to a new high of Rs 1,18,900 per 10 grams.

The local bullion market mirrored this trend, with gold of 99.5 percent purity also hitting a record, fueled by a sharp fall in the rupee against the US dollar. As global investors continue to flock to safe-haven assets, silver prices similarly soared, translating to a significant rise for the year.

Analysts attribute this bullish trend to several macroeconomic factors, including anticipated rate cuts by the US Federal Reserve and strategic moves by China in global gold reserves. Geopolitical tensions and strong central bank purchases further underpin the ongoing surge in precious metal prices.

(With inputs from agencies.)