Gold, silver touch all-time high in domestic market
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Nagpur: Gold and silver prices have reached all-time highs in the domestic market, with the precious yellow metal trading at Rs1,09,000 per tola (10 grams) and silver at Rs1,16,700 per kg.
Internationally, gold remains below its 2022 peak of $3,500 an ounce, but a weaker rupee has pushed prices to record levels in India.
Silver is just over a dollar shy of its 12-year high of nearly $50 an ounce, with international rates above $48 on Wednesday.
Traders attribute the surge in precious metals prices to increased Indian imports ahead of the festive season, coupled with uncertainty over US trade policies and Federal Reserve's rate decisions.
In times of economic uncertainty, funds typically flow into gold as a safe-haven asset, with de-dollarization also playing a significant role, they said.
Rajesh Rokde, president of Gems and Jewellery (Domestic) Council (GJC), noted that gold prices stood at $3,500 in 2022. On Wednesday, prices hovered around $3,430, dropping to approximately $3,300 as US markets opened on Wednesday and it was night in India.
Despite current gold prices being about $200 below the peak, the weaker rupee has kept domestic gold rates elevated. Even in the US, prices are roughly $200 higher per ounce than they were a month ago.
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