Gold hits record high of Rs 87,210 per 10g amid global economic uncertainty
Gold has witnessed a consistent upward trend since the beginning of February. On February 1, the price of 22K gold was Rs7,760 per gram, while 24K gold stood at Rs8,464 per gram.
ANI
Feb 10, 2025 16:51 IST
New Delhi [India], February 10 (ANI): Gold prices in India surged to an all-time high on Monday, with 10 grams of 24K gold reaching Rs87,210, while 1 gram was priced at Rs8,721.
The steady rise in gold prices reflects increasing investor interest in the yellow metal amid global market fluctuations.
Gold has witnessed a consistent upward trend since the beginning of February. On February 1, the price of 22K gold was Rs7,760 per gram, while 24K gold stood at Rs8,464 per gram.
By February 10, these rates had risen to Rs7,995 and Rs8,721, respectively, marking a +3.03 per cent increase in 22K gold and a +3.04 per cent rise in 24K gold over 10 days.
The lowest price this month was recorded on February 3, with 22K gold at Rs7,720 per gram and 24K gold at Rs8,420 per gram.
Several factors have contributed to gold's recent rally. Global economic uncertainty, fuelled by trade tensions and inflationary concerns, has prompted investors to seek safe-haven assets. Additionally, central bank buying trends, particularly from China and India, have supported demand.
A weakening Indian rupee has further driven up domestic gold prices, making imports more expensive. Furthermore, gold remains a preferred hedge against inflation and stock market volatility, attracting both institutional and retail investors.
With demand remaining strong and geopolitical risks persisting, analysts predict that gold prices could maintain their upward momentum in the coming months. Investors are advised to closely monitor central bank movements, inflationary trends, and global economic conditions for further market cues.
According to the World Gold Council, while retail and investor demand for gold continues to grow, global central banks reported a net selling of 3 tonnes (t) in December, according to data from the International Monetary Fund (IMF) and other sources.
During the month, Kazakhstan emerged as the largest seller, offloading 11t of gold, while China led the buying spree with 10t of purchases. Other notable buyers included the Czech National Bank and the Bank of Ghana, which added 1t each to their reserves.
For the year 2024, Poland has emerged as the largest net buyer, adding 90t of gold to its reserves, followed by Turkey (75t) and India (73t).
However, both gross purchases and sales in 2024 have been lower compared to the same period in 2023, suggesting a cautious yet sustained interest in gold among central banks. (ANI)
Get the App
