Gold Prices Reach Record High Amid Global Uncertainties

Mumbai: This surge in gold prices comes amid growing market concerns over policy uncertainty under US President Donald Trump, driving increased demand for the yellow metal.

As reported by the All-India Sarafa Association, the price of 99.9% purity gold hit a new record high of Rs 83,100 per 10 grams on Friday, up from Rs 82,900 on Thursday.

International Gold Prices Also Soar

International gold prices also saw a significant rise, reaching a near three-month high on Friday, trading around $2,780. This marks the fourth consecutive weekly gain for gold prices.

Several factors are contributing to the upward trend in gold prices, including strong demand in the spot market and positive global economic cues. Experts suggest that the ongoing uncertainty surrounding US President Trump’s trade policies, coupled with a flight to safe-haven assets ahead of crucial central bank policy meetings, is keeping gold in high demand.

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Experts Predict Further Upside in Gold Prices

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“Markets continue to wait for Trump tweets to gauge direction, and until then, gold is likely to remain in a band with a slight upward bias,” said Sandip Raichura, CEO of Retail Broking and Distribution and Director of PL Broking and Distribution.

Looking ahead, the next big catalyst for gold prices will be the Federal Reserve’s upcoming meeting, where any potential rise in yields could dampen gold prices, Raichura added.

Dr. Renisha Chainani, Head of Research at Augmont Gold, noted that gold prices have broken out from a symmetrical triangle pattern and have sustained above $2,750 (Rs 79,100). She predicts further upward momentum toward $2,800 (Rs 80,500) in the coming days.

On January 23, gold prices in the national capital had already touched a fresh record high of Rs 82,900 per 10 grams.