Gold Prices Reach Unprecedented High Amid Global Turmoil
Click to start listening
Synopsis
Gold prices have surged for the eighth consecutive day, crossing Rs 83,000 per 10 grams in Mumbai due to concerns about US policy uncertainty under President Trump. Experts suggest this trend may continue amid increasing global demand for safe-haven assets.
Key Takeaways
- Gold prices rose by Rs 200, surpassing Rs 83,000.
- International gold prices hit nearly $2780.
- Demand driven by market uncertainty and positive global cues.
- Upcoming Federal Reserve meeting may influence prices.
- Gold's breakout suggests potential for further gains.
Mumbai, January 25 (NationPress) The price of gold has experienced a steady increase for the eighth consecutive day this week, rising by Rs 200 to surpass the Rs 83,000 threshold per 10 grams for the first time in the national capital. This surge in demand for the precious metal has been attributed to growing concerns regarding policy uncertainty under the administration of US President Donald Trump.
According to the All India Sarafa Association, gold with 99.9 percent purity achieved a historic high of Rs 83,100 per 10 grams on Friday, climbing from Rs 82,900 on Thursday.
Internationally, gold prices soared to a near three-month high on Friday, trading around $2780, marking the fourth consecutive weekly gain.
Multiple factors are fueling the increase in gold prices, including robust demand in the spot market and favorable global indicators.
Experts predict that gold prices will likely continue to escalate due to uncertainty surrounding President Trump’s trade policies and a shift towards safe-haven assets in anticipation of significant central bank policy meetings.
“Markets are closely monitoring Trump’s Tweets for direction, and until then, it appears that gold will maintain a slightly upward trend,” stated Sandip Raichura, CEO of Retail Broking and Distribution, Director at PL Broking and Distribution.
The upcoming Federal Reserve meeting next week is expected to be a crucial factor, as any increase in yield rates could negatively impact gold prices, he added.
Dr. Renisha Chainani, Head of Research at Augmont Gold, mentioned that gold has broken out of its symmetrical triangle pattern, sustaining above $2,750 (Rs 79,100), indicating potential momentum towards $2800 (Rs 80,500) this week.
On January 23, gold prices in the national capital reached a new record high of Rs 82,900 per 10 grams.
