Gold Prices Surge Amid US-China Tensions; Silver Prices Also See a Rise
Gold prices in India have increased once more, with the price of 10 grams of 24-carat gold in the national capital rising by ₹200 on Thursday to ₹99,400. Experts say the rise is linked to growing demand for gold, driven by ongoing tensions between the US and China.
Gold prices had recently crossed ₹1 lakh, but fell by ₹2,400 to ₹99,200 on Wednesday after a slight correction. The price of 99.5% gold also saw a rise of ₹200, reaching ₹98,900.
The increase in gold prices is largely due to stockists and jewelers boosting their gold jewelry reserves, along with geopolitical uncertainties that are making gold a safer investment option. The surge also follows warnings from US Treasury Secretary Scott Bessant about a prolonged US-China trade war. Further signals from former President Donald Trump regarding possible tariffs on China have contributed to the rise in gold prices.
Silver prices also rose, with the price per kilogram increasing by ₹700 to ₹99,900.
Though gold prices recently dropped due to profit booking by investors, experts believe the possibility of further price hikes remains strong. As economic fluctuations continue, many expect people to turn back to gold as a safe investment. JP Morgan predicts that the price of an ounce of gold could reach $4,000 by the end of the year, with concerns over US tariffs and the escalating trade war with China likely adding to the uncertainty.
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