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Gold Prices Reach Record High Amid Global Tensions, Domestic Rates Soar
The international gold spot price surged to an unprecedented high of $2,714.10 per ounce on Thursday, as reported by Bloomberg. This significant increase is attributed to various factors, including uncertainty surrounding the upcoming U.S. elections and the escalating conflict in the Middle East.
International Gold Prices Hit Record
For the first time, international gold prices surpassed $2,700 per ounce. Investors are increasingly turning to gold as a safe-haven investment amidst growing geopolitical concerns. The December futures contract for gold also reached a historic high of $2,729.3 per ounce.
Domestic Gold Rates Spike
In India, gold prices have followed the international trend, reaching a record high. On Thursday, the price of gold on the Multicommodity Exchanges India (MCX) stood at Rs 77,584 per 10 grams. Retail gold prices, according to the All India Sarafa Association, soared to Rs 78,900 per 10 grams of 24-karat gold, marking a new peak.
Domestically, gold prices closed at Rs 76,520 after hitting an intraday high of Rs 77,000. Indian gold rates have remained above Rs 75,000 since early October, influenced by both the festive season and a customs duty cut in July that initially saw prices dip to Rs 67,800 per 10 grams.
Silver Prices Also Climb
Silver prices have been on a steady rise as well, crossing the Rs 92,000-mark this week. As of 10:13 a.m. on Thursday, the price of silver on the MCX stood at Rs 92,750. This follows a brief dip to Rs 88,810 earlier in the month.
As geopolitical tensions continue to escalate, both gold and silver are expected to maintain their status as safe-haven investments, providing security to investors during these uncertain times.
