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Gold prices saw an increase of Rs 250, reaching Rs 80,550 per 10 grams in the national capital on Friday. This rise in prices was driven by continuous demand from retailers and stockists, as well as the weakening of the Indian rupee, which hit a record low. The previous day, gold had been priced at Rs 80,300 per 10 grams, according to the All-India Sarafa Association. Silver prices, however, remained unchanged at Rs 93,000 per kg.
Gold of 99.5% purity continued its upward trajectory, marking the fourth consecutive session of price increases. The strong demand for gold overseas also contributed to the price hike. The weakening of the rupee, which lost 14 paise against the US dollar, added pressure on the local gold price. On a weekly basis, gold prices rose by Rs 1,550, or 2%, while silver gained 2.5%.
In the global market, Comex gold futures also saw an uptick, gaining $16.10 (0.6%) to $2,706.90 per ounce. Analysts attributed the rise in gold prices to safe-haven demand amidst uncertainty about future US monetary policies. With the US election and concerns about proposed policies by President-elect Donald Trump, market participants are closely monitoring economic data, including US non-farm payrolls and consumer sentiment.
Silver prices have also been affected by strong industrial demand, especially in renewable energy technologies and electronics, further pushing silver as a safe-haven asset. According to analysts, while precious metals had a muted start to 2025, geopolitical tensions and uncertainties in global markets could drive future price movements for both gold and silver.
