 |
|
The global markets have witnessed a surge in gold and silver prices, driven by a confluence of factors, including uncertainty surrounding the upcoming US presidential elections and the growing momentum towards de-dollarization among BRICS nations. This surge has propelled gold prices in India to an unprecedented level, crossing the Rs 80,000 mark for the first time in history. The price of 24-carat gold, known for its purity, has reached Rs 80,220 per 10 grams. This surge in gold prices is a testament to its status as a safe-haven asset, particularly during times of global economic uncertainty. Investors often turn to gold as a hedge against inflation and geopolitical risks, leading to increased demand and pushing prices higher.
The rise in silver prices is equally noteworthy, with silver surpassing the Rs 1 lakh mark per kilogram. This surge in silver is further fuelled by the growing demand for the metal in industrial applications, as well as its use as a hedge against inflation. While the global economic landscape remains uncertain, with factors like the US elections and BRICS' de-dollarization efforts influencing market sentiment, the surge in gold and silver prices reflects the growing demand for these precious metals as safe-haven assets and a hedge against inflation.
The rising demand for gold and silver in India, driven by various cultural and economic factors, is further contributing to the surge in prices. Gold holds a deep cultural significance in India, often considered a symbol of wealth and prosperity. It plays a central role in weddings and festivals, making it a popular investment option for many Indian households. The growing middle class in India and rising disposable income have further fuelled the demand for gold, driving up prices. While the strengthening dollar index and US bond yields might limit gains in these metals in the short term, the overall market trend points towards continued upward pressure on gold and silver prices in the near future.