Gold and Silver Prices Surge Amid Economic Uncertainties
Gold prices soared to new heights at Rs 1,30,300 per 10 grams in India, driven by safe-haven demand due to economic uncertainties and a weakening rupee. Silver also saw substantial gains. Investors are turning to bullion amid concerns over the US government shutdown and global economic indicators.
- Country:
- India
In a significant market shift, gold prices have reached unprecedented levels, soaring to Rs 1,30,300 per 10 grams in the national capital on Monday. This surge is attributed to heightened safe-haven buying in international markets coupled with a depreciating Indian rupee.
According to the All India Sarafa Association, the demand for gold, unparalleled in recent times, marks an increase from the previous close at Rs 1,20,600 per 10 grams. Market analysts highlight a growing inclination towards bullion investments amidst fears of a prolonged US government shutdown affecting economic performance.
Silver prices have similarly escalated, climbing to Rs 1,57,400 per kilogram, with domestic and international trends pointing to continuous bullish momentum in precious metals. This unprecedented rally reflects broader investor sentiment wary of geopolitical and economic uncertainties.
(With inputs from agencies.)
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