Gold and Silver Prices Spike: Gold Up by Rs 600, Silver Rises Rs 1,500

New Delhi:  Gold prices surged by Rs 600 to Rs 78,050 per 10 grams in the national capital on Tuesday, driven by a strong upward trend in global markets, according to data from the All India Sarafa Association. The significant rise in gold prices comes in the wake of positive momentum in international markets, where the precious metal gained due to a weaker US dollar and concerns over global economic uncertainties. In addition to this, a surge in buying activity from both investors and central banks has contributed to the global rally.

While the global trends play a significant role in driving the prices up, domestic factors such as import duties, the value of the Indian rupee against the dollar, and demand from the jewelry sector also contribute to fluctuations in gold prices in India. The rise in gold prices comes at a time when festive demand is picking up, especially with the ongoing wedding season and Diwali celebrations, which traditionally boost gold consumption in India.

Experts suggest that the price of gold may remain volatile in the short term due to the ongoing fluctuations in global markets. However, with the continued uncertainties surrounding inflation and interest rates in major economies, gold is likely to maintain its strong position as a safe investment.For those planning to purchase gold, experts advise that they keep a close eye on the market trends, as gold prices could fluctuate further depending on the developments in both global and domestic markets.