New Delhi: Gold prices in India surged to an all-time high on Monday, with 10 grams of 24K gold reaching Rs87,210, while 1 gram was priced at Rs8,721.
The steady rise in gold prices reflects increasing investor interest in the yellow metal amid global market fluctuations.
Gold has witnessed a consistent upward trend since the beginning of February. On February 1, the price of 22K gold was Rs7,760 per gram, while 24K gold stood at Rs8,464 per gram.
By February 10, these rates had risen to Rs7,995 and Rs8,721, respectively, marking a +3.03 per cent increase in 22K gold and a +3.04 per cent rise in 24K gold over 10 days.
The lowest price this month was recorded on February 3, with 22K gold at Rs7,720 per gram and 24K gold at Rs8,420 per gram.
Several factors have contributed to gold’s recent rally. Global economic uncertainty, fuelled by trade tensions and inflationary concerns, has prompted investors to seek safe-haven assets. Additionally, central bank buying trends, particularly from China and India, have supported demand.
According to the World Gold Council, while retail and investor demand for gold continues to grow, global central banks reported a net selling of 3 tonnes (t) in December, according to data from the International Monetary Fund (IMF) and other sources.
During the month, Kazakhstan emerged as the largest seller, offloading 11t of gold, while China led the buying spree with 10t of purchases. Other notable buyers included the Czech National Bank and the Bank of Ghana, which added 1t each to their reserves.