Gold Hits New Records in India and Globally
Thank you for reading this post, don't forget to subscribe!Gold prices in India have soared to an all-time high, with 24-carat gold crossing the ₹1.12 lakh mark per 10 grams for the first time. The surge is being driven by strong domestic demand and favorable global factors.
Key Highlights
- Indian Market: The price of 24-carat gold has reached an unprecedented high. Meanwhile, 22-carat gold is trading at approximately ₹10,480 per gram and 18-carat at ₹8,575 per gram.
- Domestic Drivers: The increase is fueled by robust demand during the Navratri festive season and anticipation of higher Goods and Services Tax (GST) outlays. A weaker Indian rupee also makes gold more expensive for local buyers.
- Global Factors: Internationally, gold has also hit a record high of $3,759.02 per ounce. This rally is largely due to expectations of more U.S. interest rate cuts and a softer dollar. A weaker dollar makes dollar-priced gold more affordable for buyers using other currencies.
Analysts note that investor sentiment remains positive, with strong support for current price levels. The market is now closely watching for signals from the U.S. Federal Reserve on its future policy path.
