Indian Gold Prices Soar Nearly 3% Amid Global Uncertainty
Gold prices in India surged sharply on Monday, with all three major purity categories posting significant gains. The national rate for gold stood at ₹1,63,970 per 10 grams for 24-karat gold (99.9% purity), ₹1,50,300 per 10 grams for 22-karat gold (91.6% purity), and ₹1,22,930 per 10 grams for 18-karat gold (75% purity). This marks a sharp gain of ₹4,690 for 24K gold, ₹4,290 for 22K gold, and ₹3,460 for 18K gold per 10 grams over Friday's closing levels.
The rally is attributed to a broad-based rally in global spot gold prices over the weekend, driven by renewed safe-haven demand and continued uncertainty around US-Iran tensions. A softer US dollar and fresh expectations around the US Federal Reserve's next policy move also appear to have prompted investors to rotate back into bullion.
Despite sharply higher prices, physical demand at the retail level appears to be holding up, with the wedding and festive season in several parts of the country continuing to support jewellery counter footfall. However, market watchers cautioned that some of today's gain could unwind if global sentiment stabilizes through the week.