Gold Prices Continue to Surge, Reaching Record Highs
Gold prices are showing no signs of slowing down, continuing their upward trend and causing concern among buyers. The cost of 10 grams of gold has surpassed ₹91,000, marking a new record. On Tuesday, 99.9% purity gold increased by ₹500, reaching ₹91,250, while 99.5% purity gold rose by ₹450 to ₹90,800.
The surge in gold prices is attributed to growing demand in the international market. In contrast, silver prices have remained stable, with one kilogram of silver reaching ₹1,02,500, a record high. On the Multi Commodity Exchange (MCX), gold futures saw a ₹649 increase per 10 grams, reaching ₹88,672. Meanwhile, spot gold prices hit $3,028.49 per ounce, and COMEX gold prices were trending at a record $3,037.26 per ounce.
Market analysts suggest that an upcoming meeting of the U.S. Federal Reserve could impact gold prices. Speculation is rife that the Fed may cut interest rates, which could further influence gold’s trajectory. Additionally, China is reportedly planning large-scale gold purchases to stabilize its economy, and central banks of several countries are significantly increasing their gold reserves. These factors are driving gold prices to new historic highs.
