Gold Expected to Cross ₹87,000 as Demand Surges in India
Nagpur, India: Gold prices have reached a new high of ₹80,400 per ten grams, driven by global instability caused by the policies of U.S. President Donald Trump. The uncertainty in the world economy has made gold a popular choice for investment, especially after Diwali.
Rajesh Rokde, Chairman of the All India Gems and Jewellery Domestic Council, said Trump’s decisions have directly affected the global market, pushing gold prices higher. In India, rising demand for gold and silver is also linked to the wedding season and expectations of higher taxes in the upcoming Union Budget.
Silver imports in India have doubled, going from 3,500 tonnes to 7,000 tonnes, while gold imports have stayed at 750 tonnes.
Gold Could Cross ₹87,000 by March
Experts predict gold prices could go beyond ₹87,000 per ten grams, while silver could rise above ₹1 lakh per kilogram by March. This has led to a rush in gold and silver investments, with many seeing them as safe assets during uncertain times.
Gold and Silver Prices:
- October 31, 2024: Gold ₹80,000 per 10g | Silver ₹97,500 per kg
- December 2, 2024: Gold ₹76,100 per 10g | Silver ₹89,300 per kg
- January 1, 2025: Gold ₹76,900 per 10g | Silver ₹86,700 per kg
- January 22, 2025: Gold ₹80,400 per 10g | Silver ₹92,200 per kg
With ongoing global and domestic factors, the demand for gold and silver is expected to remain strong.
