Ahmedabad: Gold price soared to an all-time high of Rs 82,800 per 10 grams in the city on Wednesday, surpassing the previous record of Rs 82,300 on Oct 30. Silver also climbed marginally to Rs 91,500 per kilogram, though it stopped short of setting a new record.
The surge in gold prices is attributed to a weakening US dollar and mounting global uncertainties linked to US President Trump’s policies. “Investors are increasingly turning to gold as a safe-haven asset amidst fears of economic instability, propelling its demand and prices. Concerns over tariffs, inflation, and ballooning global debt have added momentum to the yellow metal’s rally,” said a bullion trader from Ahmedabad.
“With global economic challenges persisting, the appeal of precious metals as a hedge against volatility continues to grow,” the bullion trader further said.
In the international market, spot gold rose to $2,755.19 per troy ounce, marking a near three-month high around 12 GMT. Earlier in the session, it approached its all-time peak of $2,790.15 set in Oct.
Both gold and silver benefited from uncertainty surrounding the US president’s announcements.
