Gold & Silver Price Today: Gold prices in India reached an all-time high of ₹75,750 per 10 grams on Thursday, reflecting the global bullish trend in precious metals.
The week has already seen a sharp price increase of ₹1,657 in gold, driven by factors such as geopolitical tensions, economic uncertainties in major economies like the U.S., and safe-haven buying amid volatile market conditions.
Similarly, silver prices saw a significant jump, with rates soaring by ₹1,792, pushing silver to ₹92,522 per kilogram.
The continued rise in both gold and silver prices has been influenced by investor interest in secure assets, especially as concerns around inflation, interest rate cuts by the U.S. Federal Reserve, and economic slowdowns persist.
Recent Price Movements
| Date | Gold (10g) | Silver (1kg) |
|---|---|---|
| Sept 21, 2024 | ₹74,093 | ₹90,730 |
| Sept 24, 2024 | ₹74,800 | ₹91,530 |
| Sept 26, 2024 | ₹75,750 | ₹92,522 |
Key Factors Driving the Surge
Global Economic Concerns: Worries about the economic recovery in China, and geopolitical tensions in the Middle East, have driven demand for precious metals, often considered safe-haven assets.
Fed Rate Cuts: Speculation about future interest rate cuts by the Federal Reserve in the U.S. is fueling investor confidence in gold, as lower rates generally make non-yielding assets like gold more attractive.
Rising Inflation: As inflation fears continue to rise, investors are flocking towards gold and silver to hedge against currency devaluation.
While gold remains in overbought territory, analysts expect some volatility in the coming days as key economic data, like the U.S. Personal Consumption Expenditure (PCE) Price Index, is set to be released.
For now, the strong momentum in gold and silver prices continues, making them attractive options for investors.
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