“Global Gold Prices Surge to Record High Amid Geopolitical Tensions: Latest Rates in India”
International gold spot prices soared to a record high of $2,714.10 per ounce on Thursday, according to Bloomberg. This surge in both international and domestic gold prices can be attributed to several factors, primarily the uncertainty surrounding the upcoming U.S. elections and escalating tensions in the Middle East. For the first time, international gold prices surpassed the $2,700 per ounce mark, as shifting geopolitical dynamics prompted investors to seek refuge in gold, traditionally viewed as a safe-haven asset.
The December futures contract for gold also reached an all-time high, peaking at $2,729.30 per ounce. In India, gold prices reflected this global trend, standing at Rs 77,584 per 10 grams as reported by the Multi Commodity Exchange of India at 10:13 a.m. Retail gold prices had previously hit a staggering Rs 78,900 per 10 grams, as indicated by the All India Sarafa Association, highlighting a significant spike on Wednesday.
On Thursday, domestic gold prices closed at Rs 76,520, following an intraday high of Rs 77,000. Since the beginning of October, gold prices in India have consistently remained above the Rs 75,000 threshold, largely influenced by the festive season. The rise in prices has been further supported by a cut in customs duty rates announced in July, which had temporarily reduced prices to Rs 67,800 per 10 grams.
As geopolitical tensions show no signs of abating, gold is expected to continue serving as a reliable safe-haven investment for investors globally. This trend is also reflected in the silver market, which has seen steady growth. Silver prices crossed the Rs 92,000 mark this week, reaching Rs 92,750 on the MCX as of 10:13 a.m. The price of silver has remained above Rs 90,000 this week, rebounding from a previous low of Rs 88,810.
Overall, the current economic climate, characterized by geopolitical uncertainties and seasonal demand, suggests that both gold and silver will likely continue to attract investors seeking stability in turbulent times. The enduring appeal of these precious metals underscores their role as a hedge against market volatility and economic instability.
