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New Delhi: Gold prices soared to an all-time high on Monday, climbing ₹9,700 to touch a historic ₹1,30,300 per 10 grams, driven by strong safe-haven demand in global markets and a weakening rupee against the US dollar. According to the All India Sarafa Association, gold of 99.9% purity had closed at ₹1,20,600 per 10 grams on Friday. The sharp single-day rise reflects heightened investor appetite for the precious metal amid geopolitical tensions and economic uncertainty. In the local bullion market, gold of 99.5% purity also jumped sharply by ₹2,700 to reach a record ₹1,22,700 per 10 grams (inclusive of all taxes), up from ₹1,20,000 in the previous session.
Silver Also Shines
Silver too joined the rally, registering robust gains of ₹7,400 to scale a new lifetime peak of ₹1,57,400 per kilogram (inclusive of all taxes). The white metal had ended Friday’s session at ₹1,50,000 per kg.
Global Market Trends
In the international markets, spot gold surged nearly 2% to hit an all-time high of $3,949.58 per ounce, while silver advanced over 1% to touch $48.75 per ounce. Analysts attributed the global surge to escalating geopolitical concerns, central bank buying, and expectations of interest rate cuts by major economies, which have strengthened gold’s status as a safe-haven asset.
Rupee Depreciation Adds Fuel
Domestic prices were further lifted by the rupee’s depreciation against the dollar, which makes imported gold costlier. Traders said retail demand has remained strong despite the high prices, particularly ahead of the festive season.
Market experts believe the bullion rally could continue if global uncertainties persist. “Gold is consolidating its position as a hedge against both inflation and geopolitical risk. With the dollar showing volatility and bond yields easing, the upward momentum may sustain in the short term,” said a senior market analyst.
With both gold and silver hitting record highs simultaneously, investors are closely watching whether the precious metals can maintain their momentum in the weeks ahead.
