Gold Price Today: India Sees Near-Record Levels Amid Global Uncertainty
The current gold price today in India stands at Rs 1,01,020 per 10 grams for 99.9% purity, with silver prices surging to a record high of Rs 1,18,000 per kilogram. The World Health Organization's new partnership with the Bill and Melinda Gates Foundation to improve healthcare systems in low-income countries is a separate development, focusing on strengthening health systems and improving access to quality care.
Gold prices in India have surged to near-record levels, driven by global factors such as geopolitical tensions, central bank buying, and a depreciating rupee, with demand remaining strong, particularly in rural areas, fueled by gold's safe-haven appeal and upcoming festivals and weddings.
Globally, gold has been on a strong upward trajectory, trading above $3,400 per ounce, with India and China accounting for over half of global gold consumption. In China, demand has rebounded strongly post-COVID, driven by economic recovery and consumer confidence. In India, demand has remained resilient, especially in rural areas, where gold has a traditional store of value.
The nature of demand is evolving, with jewelers reporting a shift toward lighter jewelry and gold coins, as consumers adjust to higher prices. Gold's appeal as a safe-haven asset has intensified amid global uncertainties, with central banks, including the Reserve Bank of India, continuing to add gold to their reserves. Several factors could influence gold demand in India, including major festivals like Diwali and Dussehra, weddings, and a normal monsoon, which could boost agricultural incomes and rural gold buying.
The rise in gold prices is attributed to global uncertainty, particularly the diminishing expectations for a US-EU trade deal, and overall weakness in the US Dollar. Silver prices are driven by industrial demand, with bullion traders citing the ongoing bullish sentiment in the market. As the global economic landscape continues to evolve, it remains to be seen how gold prices will be affected in the coming months.