Gold Surges ₹2,630 to New All-Time High on Rate Cut Hopes, Silver Hits Record Levels

Gold Prices Surge ₹2,630 to Record Highs Amid Rate Cut Hopes; Silver Rebounds

Gold prices soared by ₹2,630 (nearly 3%) this week, hitting fresh lifetime highs on Thursday, driven by trade uncertainties and expectations of a U.S. Fed rate cut. A weaker U.S. dollar and increased safe-haven demand helped gold post gains for the second consecutive week.

Gold Hits Record Highs Across Major Cities

1. 24K gold surged to ₹89,817 per 10 grams in Mumbai and ₹89,963 in Delhi.
2. 22K gold climbed ₹2,400 (2.9%) to ₹82,337 in Mumbai and ₹82,483 in Delhi.

Silver prices also jumped nearly 2% (₹4,100), crossing the ₹1,03,000 mark per kg in Mumbai and Delhi, driven by strong buying interest on Friday.

Gold Recovers Early Losses on Dovish Fed Stance

Gold started the week on a flat note but dipped by ₹330 on Tuesday due to a rebound in the U.S. dollar. However, the metal rebounded ₹490 on Wednesday as recession fears and trade policy uncertainties fueled demand. On Thursday, gold soared ₹600 to an all-time high following lower-than-expected U.S. inflation data, reinforcing hopes for a Federal Reserve rate cut.

Most local markets will remain closed on Friday due to the Holi festival.

Global Gold Prices Reach $3,000 per Ounce

International gold prices surged over 2.57% this week, with spot gold hitting $3,000 per ounce on Friday. Trade war concerns, Fed rate cut expectations, and a weakening U.S. dollar boosted gold’s appeal as a safe-haven asset.

Silver Rebounds ₹1,900 to Regain Record Highs

Silver prices rallied ₹1,900, touching ₹1,01,000 per kg in major Indian cities. After a weak start on Monday and a ₹1,000 dip on Tuesday, silver bounced back by ₹2,000 on Wednesday and added another ₹1,000 on Thursday.

Trade Uncertainty & Weak Dollar Fuel Precious Metals Rally

Investors remain concerned about the impact of U.S. tariffs on global trade, fueling demand for gold and silver. The cooling U.S. labor market and lower inflation have strengthened expectations of multiple Fed rate cuts this year, pushing the U.S. dollar to multi-month lows.