New Delhi: Gold prices witnessed a sharp rise on Wednesday, driven by continued global demand amid escalating trade tensions between the United States and China. Investors are turning to gold as a safe-haven asset, resulting in significant gains in both international and domestic markets.
In the national capital, the price of 10 grams of 24-carat gold increased by ₹1,650, reaching ₹98,100. Similarly, 99.5% pure gold rose to ₹97,650, also registering a gain of ₹1,650.
At 4:30 PM, gold in the Hyderabad bullion market was trading at ₹97,700 per 10 grams. Silver prices also surged, rising by ₹1,900 in a single day to ₹99,400 per kilogram. On Tuesday, silver had closed at ₹97,500 per kilogram.
Internationally, gold touched an intraday high of $3,318 per ounce before settling around $3,296. Analysts attribute the rally to ongoing trade conflicts between the U.S. and China, with both countries imposing reciprocal tariffs and restrictions on exports. As long as these uncertainties continue, analysts expect gold demand to remain strong.
Contributing further to the price rally are a weakening U.S. Dollar Index and growing speculation that the U.S. Federal Reserve may consider interest rate cuts in the near future. These factors are also seen as supportive of continued bullish sentiment in the gold market.
