DNVN - On January 23, gold prices increased by ₹170 (1.97 USD), reaching a new record of ₹82,900 (959.15 USD)/10g in New Delhi, India, marking the seventh consecutive increase.
According to VNA, domestic gold prices in India continue to increase steadily, reaching their highest level in nearly three months.
According to the All India Sarafa Association, gold prices ended at ₹82,730 ($957.19) per 10g on January 22. The year-long rally has seen gold prices rise by ₹20,180 ($233.48), or 32.17%, since February 2024 when the price was just ₹62,720 ($725.67) per 10g.
Bullion traders attributed the rise in gold prices to strong demand from jewelry manufacturers and retailers, coupled with positive trends in the global market.
In futures trading, the February gold contract on MCX rose Rs 19 ($0.22) to Rs 79,583 ($920.77) per 10g, while silver prices fell Rs 422 ($4.88) to Rs 91,522 ($1,058.91) per kg.
Saumil Gandhi, an analyst at HDFC, said the recovery of the US dollar and US Treasury bond yields have put pressure on and limited the increase in gold prices.
“The rally has been driven by safe-haven demand amid global uncertainty and inflationary pressures,” said Renisha Chainani, head of research at Augmont Gold. Geopolitical factors, including statements by US President Donald Trump, are contributing to the rally, she said.
Mr Trump's announcement of possible 25% tariffs on Canada and Mexico has heightened trade tensions, raising widespread inflation concerns.
On the Comex floor, international gold futures fell slightly by $13.2 (0.48%) to $2,757.70/ounce, while silver futures fell by 1.03% to $31.1/ounce. Ms. Chainani emphasized that uncertainties due to tax policies with Mexico, the world's largest silver producer, could disrupt the market.
“If global trade conditions improve and tariffs are halted, gold prices could stabilize by mid-2025. By then, investors and institutions will still be looking to hedge against risk, keeping demand high,” she said.
Currently, the attention of the gold market is directed to the Fed's policy meeting on January 29.
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Source: https://doanhnghiepvn.vn/quoc-te/ly-do-gia-vang-lien-tiep-lap-ky-luc-tai-an-do/20250124100022678
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