New Delhi (National Times): Gold prices surged to unprecedented levels on Friday, April 11, as global investors turned to the precious metal amid escalating economic tensions and geopolitical uncertainty.
In India, 24-karat gold reached a historic high of Rs 93,390 per 10 grams. The price of 22-karat gold climbed to Rs 85,610, while 18-karat gold, commonly used in jewelry, was priced at Rs 70,050 per 10 grams, as per data from Goodreturns.
On the global front, spot gold breached the $3,200-per-ounce mark for the first time ever, reaching $3,219.84. US gold futures moved even higher, trading at $3,237.50 per ounce.
The price surge has been driven by a mix of factors, including the intensification of the U.S.-China trade conflict, the weakening of the U.S. dollar, and increasing gold purchases by central banks around the world. Additionally, recent US inflation data and expectations of potential interest rate cuts by the Federal Reserve have heightened concerns about a potential recession, further fueling gold’s rise.
Gold continues to be viewed as a stable and long-term asset in times of uncertainty. The current economic landscape has led to a notable shift away from dollar-based investments toward safer alternatives like gold.
