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3mo ago

Gold Prices Surge to ₹85,000 as Indian Rupee Hits Record Low

The Indian rupee's sharp depreciation and global economic concerns drive gold to historic highs, with investors seeking refuge in the yellow metal.

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Sovereign Gold Bond is issued by the Reserve Bank of India (RBI) on the government's behalf.
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Gold is traditionally seen as a safe-haven asset during periods of economic and geopolitical instability. (Unsplash)

Overview

  • Gold prices in India have surged to a record ₹85,300 per 10 grams, reflecting a sharp monthly increase of ₹5,950 due to heightened demand for safe-haven assets.
  • The Indian rupee has plummeted to an all-time low of ₹87.17 against the US dollar, driven by global economic instability and a strong dollar fueled by US tariff policies.
  • US President Donald Trump's new tariffs on Canada, Mexico, and China have stoked fears of a trade war, raising inflation concerns and impacting global economic growth.
  • Gold futures in the international market also hit an all-time high of $2,862.90 per ounce, reflecting strong global demand for bullion amidst economic uncertainty.
  • Experts attribute the surge in gold prices to both the rupee's depreciation and broader global trends, with analysts predicting continued volatility in the bullion market.