Gold prices in India hit a record high, going above ₹1,01,000 per 10 grams for 24-carat gold for the first time ever.
Gold futures were also trading high at ₹99,000 per 10 grams.
The surge is linked to the falling U.S. dollar, ongoing sell-off in U.S. treasury bonds, and global trade uncertainty.
This mirrors the 2020 rally during the first COVID wave, when gold first crossed ₹50,000 due to economic slowdowns and supply issues.
India, the second-largest gold consumer after China, is especially impacted due to strong household demand.
Gold prices have jumped 30% this year and the rally has continued for over 128 weeks.
U.S. President Trump has criticized the U.S. Fed and pushed for rate cuts, which weakened the dollar further, boosting gold prices.
China's accusations against the U.S. over tariffs and trade conflict have also driven demand for gold as a safe-haven asset.
The rise is also supported by global reserve accumulation; central banks have been adding more gold to their reserves.
Experts believe that if trade tensions and geopolitical issues continue, gold prices will remain high in both the short and long term.
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