Gold Prices Surge Again, Record Growth Registered Within a Year

Gold prices have once again surged sharply, touching record highs. After showing a brief period of stability, prices jumped significantly on Tuesday. According to the All India Sarafa Association, driven by global market developments, the price of gold in the national capital Delhi rose by ₹2,650 to reach a new peak of ₹1,40,850 per 10 grams. In the Hyderabad market, 99.9 percent pure gold increased by ₹2,400 to ₹1,38,650 per 10 grams. Meanwhile, 22-carat gold, commonly used for jewellery, climbed by ₹2,200 to ₹1,27,000 per 10 grams. Data indicates that gold prices in the domestic market have risen by a cumulative 78.40 percent so far this year.

Silver prices have also rallied alongside gold. The price of silver jumped by ₹3,000 per kilogram to reach an all-time high of ₹2,34,000 (inclusive of all taxes). Over the past year, silver prices have recorded a remarkable increase of over 142 percent. In the global market, spot gold touched $4,498 per ounce, while silver crossed the $70-per-ounce mark for the first time. Market analysts attribute the surge in precious metal prices to expectations that the US Federal Reserve may cut interest rates next year, along with ongoing global geopolitical tensions, which continue to boost demand for safe-haven assets like gold and silver.