Gold prices surged sharply on Friday, rising by ₹900 to touch ₹1,06,970 per 10 grams in the national capital, inching closer to record highs.
According to the All India Sarafa Association, gold of 99.5% purity also climbed to ₹1,06,100 per 10 grams, up from the previous close of ₹1,05,200.
Traders attribute the rally to a weakening rupee and strong global cues, with growing expectations that the U.S. Federal Reserve may cut interest rates in its September 16–17 meeting. Stockists and investors have continued fresh buying, pushing prices upward.
However, the steep rise is making it increasingly difficult for middle-class families and small buyers in India, where gold is both an investment and a cultural necessity, to afford the precious metal. Jewelers report a decline in retail demand as many households postpone purchases amid the unrelenting surge in prices.
Disclaimer: This article is for informational purposes only and not investment advice.
