Commodities
Gold Prices Surge 7% Amid Global Economic Uncertainty
Gold prices have surged to new heights on August 9, driven by strong buying interest in response to global economic and geopolitical uncertainty. This has reinforced gold's status as a safe-haven asset.
The precious metal experienced its strongest weekly gain in eight months, rising approximately 7% during the week.
In major cities across India, including Delhi, Mumbai, Kolkata, Chennai, Bengaluru, and Hyderabad, 24K gold is priced above Rs 15,000 per gram, while 22K gold is above Rs 13,900 per gram. Delhi has the highest quoted gold rates among these cities.
This rally in gold prices comes on the back of easing crude-oil prices, expectations surrounding interest rates, geopolitical developments, and continued central-bank buying.