Gold at record high, crosses Rs 85,000-mark for first time; silver declines slightly
PTC Web Desk: Gold prices in India reached an all-time high on February 10, with the price of 10 gm of 24-carat gold rising by Rs 669 to Rs 85,368, according to the India Bullion and Jewellers Association (IBJA). The previous highest price for gold was Rs 84,699 per 10 gram.
Meanwhile, silver prices witnessed a decline, with the price per kg falling by Rs 451 to Rs 94,940/kg. On the previous day, silver was trading at Rs 95,391/kg. The highest price for silver was recorded on October 23, 2024, at Rs 99,151/kg.
Since January 1, 2024, the price of 10 gm of 24-carat gold has surged from Rs 76,162 to Rs 85,368, marking a sharp increase of Rs 9,206. Similarly, silver prices have risen by Rs 8,923 per kg, climbing from Rs 86,017 to Rs 94,940 per kg.
Notably, global economic environment remains volatile, with increased geopolitical uncertainty following Donald Trump's return as US President. This is also one of key reasons behind the surge in gold prices. The depreciation of the Indian Rupee against the US Dollar has contributed to rising gold prices. Higher inflation rates are also pushing investors toward gold as a hedge. Fluctuations in the stock market have increased investor preference for gold as a safe-haven asset.
- With inputs from agencies
