Gold prices soared to an unprecedented $3,238.82 per ounce (₹2.7 lakh) on Saturday, driven by escalating trade tensions between the United States and China. The sharp rise marks a new record for the safe-haven metal, as global economic uncertainty continues to fuel investor demand.
In the domestic market, gold prices had dropped earlier in the week, touching ₹88,200 on Tuesday, while globally, it stood at $3,000 (₹2.5 lakh). However, by Friday, prices rebounded sharply, reaching an all-time high of ₹96,000 in India and $3,262 (₹2.8 lakh) on the international market.
In Ahmedabad, the price of 22-carat gold on Friday was reported at ₹85,660, while 24-carat gold touched ₹93,440 per 10 grams, reflecting the upward momentum.
The surge is largely attributed to economic instability spurred by US President Donald Trump’s trade policies, which have intensified friction with China. As geopolitical risks mount, investors have increasingly turned to gold as a secure asset.
Market analysts anticipate that the rally is far from over. Forecasts suggest that gold prices could climb to $3,500 per ounce (₹3 lakh) by the end of the year, should global tensions persist or worsen.
