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Commodities

Gold and Silver Prices Soar as Global Trends Boost Safe-Haven Buying

Guavy AI Editorial Team
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Gold prices have risen for seven consecutive sessions in India, reaching Rs 1.59 lakh per 10 grams on Wednesday.

The precious metal has gained Rs 12,400 or 8.4% over the past week from Rs 1,47,400 per 10 grams on August 3.

Silver prices have also surged to Rs 2.46 lakh per kilogram, a gain of Rs 4,000 from Tuesday's closing level.

Analysts attribute the rise in gold and silver prices to global trends, demand for safe-haven assets, and strong bullion demand ahead of US inflation data.

Gaurav Garg, Head of Research at Lemonn Markets Desk, notes that investors have increased safe-haven buying as persistent geopolitical tensions in West Asia support demand for precious metals.

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