New Delhi: Skyrocketing gold prices are the talk of the town. The price of 10 gram of gold stood at Rs 87,930 for 24 Carat Gold in India on Tuesday morning (February 11,2025). Whereas, the rate of silver was recorded at Rs 99,500 per kilogram. Traders are of the view that investors are moving out from investments like stocks and preferring to invest in gold and silver as it is considered a safe haven amid global economic uncertainties.
MCX Gold reached a record level of Rs 86,360 per 10 grams for the contract of April 4. Around 9:20 am, the gold price on MCX increased by 0.46 per cent to Rs 86,210 per 10 grams. International gold prices crossed the crucial level of $2,900 for the first time due to demand for safe investments as fears of international trade war arising out of US President Donald Trump’s tariff announcements continue to rise. Comex Gold reached a record high of 2,968.50.
The price of gold is continuously breaking records and no major decline has been seen in the prices of gold. Traditionally, Gold has been considered the safest metal for investment in India. At present, central banks around the world are purchasing gold, due to which the prices are getting support.
Why Gold prices are rising?
“Gold witnessed strong gains, surging above Rs 85,800 in MCX and hitting USD 2,900 in spot markets as Trump’s new round of tariffs on metal products intensified trade war concerns.
“With no specific clarity on which countries are included or excluded, uncertainty in global trade has driven significant bullion buying,” Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, said.
Donald Trump’s victory in the US presidential election in November 2024 boosted gold’s rise as investors adopted cautious approach about his trade policies and growth-supporting agenda. There are fears that his policies may increase inflationary pressures, further increasing the importance of gold as a strategic asset.
Gold prices are surging to record highs, with MCX gold reaching Rs 86,360 per 10 grams and Comex gold exceeding $2,900. This surge is largely attributed to escalating global trade war anxieties, prompting investors to seek refuge in gold as a safe-haven asset. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
