CHENNAI: Gold prices in India witnessed a sharp rise on Friday, reflecting global market trends as investors turned to safe-haven assets amid escalating geopolitical tensions and macroeconomic uncertainty.
The price of 24-carat gold jumped by ₹840 per 10 grams, while 22-carat gold rose by ₹770 per 10 grams compared to the previous day. This sharp uptick pushed domestic gold prices to record levels, mirroring gains in international markets where spot gold has been buoyed by rising safe-haven demand.
The surge comes on the back of renewed tensions between Israel and Iran, along with lingering concerns over inflation and potential shifts in interest rate policies by major central banks. The US dollar and bond yields remained volatile, further supporting gold prices.
Analysts note that the current geopolitical environment and financial market volatility are likely to keep gold demand strong in the near term, especially among cautious investors and central banks increasing their reserves.
Outlook
With gold hitting fresh highs, both retail buyers and investors are advised to stay informed and monitor market cues closely. While gold continues to be a favored hedge in times of crisis, price volatility remains a key risk factor in the short term.