Gold prices in India have reached an unprecedented high, with one sovereign (8 grams) now priced at ₹60,200—a sharp increase of ₹600. The surge is attributed to global economic concerns and the weakening of the U.S. dollar, which has intensified demand for the precious metal.
On the international stage, spot gold prices have hit an 11-week high, driven by a softening dollar and rising global uncertainties. Analysts link this spike to economic volatility following the inauguration of Donald Trump as the 47th U.S. President. A 0.6% dip in the dollar’s value against major currencies has further fueled the rally.
In the domestic market, the Multi Commodity Exchange (MCX) saw gold prices hit a record ₹76,000 per 10 grams in September 2024. Experts predict this upward trajectory will continue, with MCX gold potentially reaching ₹79,000 to ₹80,000 per 10 grams by year-end, propelled by geopolitical tensions and evolving central bank policies.
The rise in gold prices underscores its enduring status as a safe-haven investment during uncertain times.
