Hyderabad: Gold and silver prices touched record highs in Indian markets on Friday, driven by global demand for safe-haven assets amid continuing economic uncertainty. According to bullion traders, gold surged to Rs 77,000 per 10 grams while silver hit Rs 97,000 per kg.
Analysts said the rise was fuelled by strong international prices, currency fluctuations and heightened investor interest. The surge came despite weak demand in retail jewellery markets, where buyers appeared hesitant due to the steep hike.
Investors turn to precious metals amid global volatility
Traders pointed out that gold demand has historically increased during times of global volatility. With crude oil prices rising and equity markets remaining unstable, investors turned to bullion as a safer option.
Experts added that the rupee’s weakness against the US dollar further pushed domestic gold and silver prices upward. The depreciation of the rupee increased import costs, directly impacting bullion rates.
Jewellers, however, expressed concern that sustained high prices could hurt festive season sales, particularly in South India where demand traditionally peaks. They said customers may delay purchases or shift to lighter jewellery designs.
Market observers expect gold and silver to remain firm in the near term, with prices largely determined by global cues, crude oil trends and currency movements.
