Gold prices soar to new high to 96,587; Silver at 96,200

Gold and silver prices have surged to record levels today, 21st April, with 10 grams of 24-carat gold closing at ₹96,587, up by ₹1,677. This marks an all-time high, surpassing the previous price of ₹94,910. Meanwhile, silver also saw a significant rise, with one kilogram priced at ₹96,200, up ₹1,049 from the earlier ₹95,151. This increase in precious metal prices highlights a trend that has been building over the year.

The surge in gold prices is attributed to several global and domestic factors. A major contributor is the ongoing trade tensions between the United States and China, coupled with growing concerns about a potential global recession. As these economic uncertainties grow, investors have turned to gold as a safe-haven asset, historically seen as a reliable store of value during times of financial instability.

Domestically, the weakening of the Indian rupee has added additional pressure on gold prices. The rupee has depreciated by about 4% against the US dollar since the start of the year. A weaker rupee makes importing gold more expensive, thus driving up domestic prices. This increase in the price of gold has been compounded by rising global commodity prices, further contributing to the inflationary trend in precious metals.

The wedding season in India has also played a role in pushing up gold demand. Even with higher prices, demand for gold jewelry remains strong, particularly in major cities like Mumbai, Delhi, and Chennai. Consumers continue to view gold not only as a store of value but also as a symbol of prosperity and investment, which sustains its appeal during peak buying seasons.

Looking ahead, experts predict that gold prices may continue to rise throughout the year, with some estimates suggesting that 10 grams could cross ₹1.10 lakh by the end of 2025. This forecast is driven by the expected international price of gold reaching $3,700 per ounce, which would likely influence domestic prices as well. Silver, too, may see continued growth as global market conditions remain volatile, with demand for both metals remaining strong due to the ongoing economic uncertainties.