Mumbai: Gold prices in India on Wednesday surged to an all-time high at Rs 8,432 per gram with an increase of Rs 1,322 as compared to Rs 8,310 on February 4, supported by safe-haven buying amid global uncertainties.
According to experts, gold prices touched an all-time high as it is underpinned by safe-haven demand after China responded to US tariffs, which were initially imposed by President Donald Trump on the world’s largest consumer of gold.
Motilal Oswal Financial Services Limited said the market views the US tariffs as inflationary, potentially boosting safe-haven demand for bullion, which is traditionally seen as a hedge against both rising prices and geopolitical turmoil.
Meanwhile, 22-carat gold was priced at Rs 8,230 per gram. On the Multi Commodity Exchange (MCX), April gold futures touched a new peak of Rs 84,200 per 10 grams.
In Delhi, 24-carat gold was priced at Rs 85,383 per 10 grams, while in Chennai, it was Rs 85,231 per 10 grams.
In Mumbai and Kolkata, gold was trading at Rs 85,237 and Rs 85,235 per 10 grams, respectively.
Meanwhile, silver prices remained relatively stable. March silver futures on MCX were trading at Rs 95,674 per kilogram.
However, silver has gained Rs 1,400 per kilogram so far this week.
Chennai recorded the highest silver price at Rs 1,08,600 per kilogram, while Delhi had the lowest at Rs 1,01,500 per kilogram.
In Mumbai, silver was trading at Rs 1,00,800 per kilogram, whereas Kolkata saw prices at Rs 1,02,300 per kilogram.
In the international market, spot gold was up by 0.2 per cent at $2,847.33 per ounce. At one point, it hit a new all-time high of $2,848.94 per ounce.
US gold futures remained steady at $2,876.10 per ounce. Spot silver also gained 0.2 per cent at $32.15 per ounce.