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Gold and Silver up around the world

ByVictoria

Gold prices in India skyrocketed by Rs 6,250 on Friday to reach a historic high of Rs 96,450 per 10 grams in the national capital, fuelled by robust demand from local jewellers and soaring global prices driven by heightened US-China trade tensions, according to the All India Sarafa Association.

Gold of 99.9% purity also saw a significant jump, closing at Rs 96,450 compared to Wednesday’s Rs 90,200.

Silver too followed suit, leaping Rs 2,300 to settle at Rs 95,500 per kg from its earlier close of Rs 93,200, mirroring the bullish global momentum.

Comex gold futures climbed to a record USD 3,249.16 per ounce, signalling strong safe-haven demand.

“Comex gold prices hit lifetime highs due to surging safe-haven demand, triggered by fears of a deepening global economic slowdown and further retaliation between the US and China,” said Kaynat Chainwala, AVP-Commodity Research at Kotak Securities.

Source – The Times of India

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    “The gold bull market looks set to continue under Trump 2.0 with trade wars and geopolitical tensions reinforcing the reserve diversification/de-dollarization trend and supporting EM official sector gold demand, and with global growth concerns (tariff and cycle related) set to raise ETF and OTC investment demand,” Citi stated in a note.

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