Gold and Silver Prices Surge to Record Highs
Gold recently reached a staggering ₹1,52,260 per 10 grams on the Multi Commodity Exchange (MCX) in India, while silver hit ₹3,27,998 per kilogram. Globally, gold reached $4,728 per ounce, and silver soared to $95.49 per ounce. These highs are driven by rising global uncertainties.
Geopolitical tensions, worries about trade wars, and currency fluctuations have made investors flock to these precious metals. With prices soaring, many watch closely for further increases amid this uncertain environment.
Future Predictions for Gold and Silver
Rajesh Rokde, Chairman of the All India Gem & Jewellery Domestic Council, believes gold could reach ₹2 lakh this year and even hit ₹3 lakh within three years. He suggests potential buyers should consider a possible price correction of 10-15% when making investments.
Commodity expert Anuj Gupta echoed this, stating silver may climb to ₹3,50,000 and gold could rise to ₹1,65,000 soon, driven by ongoing political uncertainties. N S Ramaswamy from Ventura added that tensions from trade discussions, especially between the U.S. and Europe, are adding to this price inflation.
The backdrop includes U.S. plans to impose tariffs on several European nations, prompting fears of a trade war. French President Emmanuel Macron and German Chancellor Friedrich Merz have differing views on how to respond, adding more uncertainty to the situation.
Interestingly, the Indian Rupee has also weakened recently, trading around ₹91 to the U.S. dollar, which amplifies the returns for domestic investors as global gold prices continue to rise.
This mix of geopolitical tension and currency issues highlights the ongoing demand for safe-haven assets like gold and silver. As the situation evolves, both investors and analysts will be closely monitoring these precious metals for future movements.
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