Gold Crosses ₹1.5 Lakh; Prices Surge Again
Gold and silver prices rise sharply in India; 24K gold nears ₹1.51 lakh per 10g amid global uncertainty and rising demand.
Gold-Silver Rate: Gold and silver prices in India have witnessed a sharp rise once again, driven by global uncertainties, a weaker dollar, and strong domestic demand. Gold has now crossed a historic milestone, with 24-carat gold nearing ₹151,000 per 10 grams.
As of today, the price of 24K gold stands at ₹15,131 per gram, marking an increase of ₹213 compared to the previous day. Similarly, 22K gold is priced at ₹13,870 per gram, up by ₹195, while 18K gold has risen to ₹11,348 per gram, reflecting an increase of ₹159.
Major cities like Delhi and Mumbai are also witnessing a surge in gold prices, adding financial pressure on both consumers and investors.
Key Reasons Behind the Surge in Gold Prices
One of the primary reasons behind the increase in gold prices is the weakening of the US dollar. A weaker dollar makes gold cheaper for international investors, boosting demand.
Additionally, rising geopolitical tensions, especially between the US and Iran, have increased global uncertainty. As a result, investors are turning towards gold as a safe-haven asset to avoid risks associated with volatile stock markets.
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Inflation concerns are also playing a crucial role. Historically, gold is considered a hedge against inflation, prompting increased investment during uncertain economic conditions.
Moreover, the ongoing wedding season in India has significantly boosted local demand for gold, directly impacting prices.
Silver Prices Also See Sharp Rise
Alongside gold, silver prices have also surged. Silver is currently priced at ₹265 per gram, reaching ₹265,000 per kilogram. This marks a sharp increase of ₹10,000 compared to the previous day.
Silver prices are largely influenced by global markets, currency fluctuations, and the performance of the Indian rupee against the US dollar.
What Lies Ahead?
Going forward, global economic developments, the strength of the US dollar, and domestic demand will continue to influence gold and silver prices. Investors are advised to closely monitor market trends before making any investment decisions.
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