Ahmedabad: Gold prices soared to a new record high of Rs 89,000 per 10 grams in the Ahmedabad market on Friday. The surge was driven by rising international gold prices and global economic uncertainties. Gold price increased by Rs 500 in a single trading session on Friday.
The yellow metal gained momentum after the US imposed tariffs on steel and aluminium imports, leading to concerns over global trade relations. Additionally, the possibility of multiple rate cuts by the US Federal Reserve this year diminished following higher-than-expected US consumer price inflation in Jan. This increased the likelihood of interest rates remaining elevated for a longer period.
Experts believe that with persistent concerns over inflation, geopolitical tensions, and currency fluctuations, gold prices could continue an upward trajectory. Investors are increasingly turning to gold as a hedge against economic instability, further fuelling its demand and pushing prices higher.
“Global market volatility, strong domestic demand, and a weakening rupee are key factors propelling gold prices. We expect gold to remain strong throughout 2025 as investors seek safe-haven assets amid global economic uncertainties,” said Haresh Acharya, director, Indian Bullion and Jewellers Association (IBJA).