Latest Gold prices: Gold prices continued its strong run for the third day in a row on Wednesday, jumping Rs 2,600 to reach a new record of Rs 1,26,600 per 10 grams in Delhi. Over the past three days, the yellow metal has added Rs 6,000 in value as investors rush to safe-haven assets due to ongoing global uncertainties and the prolonged US government shutdown. The All India Sarafa Association reported that gold of 99.9% purity had ended Tuesday at Rs 1,24,000 per 10 grams, after surging Rs 2,700 on Monday.
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On Wednesday the gold of 99.5% purity rose by Rs 2,600 to close at Rs 1,26,000 per 10 grams, inclusive of all taxes. Analysts said the rise is linked to rising geopolitical tensions and concerns about the US economy. Investors are increasingly turning to gold to protect their money from market volatility.
Silver did not stay behind. It gained Rs 3,000 to trade near its record high of Rs 1,57,000 per kilogram on Wednesday. On Tuesday, silver had closed at Rs 1,54,000 per kilogram, while it briefly touched Rs 1,57,400 per kg on Monday. The surge in silver, like gold, is fueled by global concerns, and traders are treating it as a safe investment in uncertain times.
Overseas, gold and silver prices have also moved sharply higher. Spot gold went up almost 2% to reach USD 4,049.59 per ounce, crossing the USD 4,000 mark for the first time. Kaynat Chainwala, AVP Commodity Research at Kotak Securities, said, “Spot gold climbed above the key USD 4,000 per ounce-mark for the first time, driven by safe-haven demand amid concerns about the US economy and the government shutdown. Geopolitical tensions in Ukraine, political instability in France and Japan, and rising expectations of Fed rate cuts amid ongoing data blackout also supported upside.”
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Spot silver followed a similar trend, rising more than 2% to USD 48.99 per ounce in global markets. The strong gains in both metals reflect growing fear among investors about geopolitical issues and the uncertain economic outlook worldwide.
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