Gold Prices Surge to New Highs Amid Global Uncertainty; Indian Rates Follow Upward Trend
A global rush to safety sends gold prices soaring, with 24K gold rates climbing sharply in both Indian and international markets.
Gold prices continued their record-breaking rally for a second straight day on Tuesday, driven by growing economic and political concerns around the world. As investors seek safer places to put their money, the price of the yellow metal has seen a significant jump globally, with the effects clearly visible in both the Dubai and Indian markets.
Internationally, spot gold climbed past $3,976 per ounce, with market analysts now watching the critical $4,000 level. This surge is linked to several factors, including uncertainty over a potential US government shutdown and expectations of future interest rate cuts. Political instability in major economies like France and new policy expectations in Japan are also adding to the market’s nervousness, making gold an attractive safe-haven asset.
According to market strategist Ahmad Assiri, gold is becoming a vital part of investment plans for both large institutions and individual retail investors. “The current demand for gold reflects a growing unease in the markets,” he noted, explaining that with stock markets reaching very high valuations, gold stands out as the “most effective refuge” for investors.
Impact on Dubai and Indian Markets
This global trend has had a direct impact on consumer prices. In Dubai, the price for 24K gold was trading at Dh479.25 per gram on Tuesday morning, a sharp increase of Dh4 from the previous day’s close and inching closer to the Dh500 mark. Prices for other purities also rose, with 22K gold reaching Dh443.75, 21K at Dh425.5, and 18K at Dh364.5 per gram.
Back home in India, the price movements mirrored the international surge. According to data from the spot market, the price for pure 24K gold (999 purity) was trading around ₹1,20,050 per 10 grams. Similarly, 995 purity gold was quoted at ₹1,19,310 per 10 grams. For consumers making a final purchase, the price of 995 purity gold including GST stood at approximately ₹1,22,889 per 10 grams, reflecting the high costs in the domestic market.
