Mumbai, Oct 18 || As Diwali approaches, the gold prices have hit a new high amid increasing global uncertainties, including trade tensions and softening macro data, prompting a flight to safety.
Last month, gold prices jumped by Rs 20,073 per 10 gram or 18 per cent, triggering a strong sense of FOMO (fear of missing out), as every pullback is being met with aggressive buying, with Diwali around the corner. Since last Dhanteras, gold has delivered substantial gains for investors, with prices witnessing a record surge.
The price of 24-carat gold (10 grams) rose to a new high of Rs 1,30,874 on Friday, according to data published by the India Bullion and Jewellers Association (IBJA). But the intra-day trading closed at Rs 129,584, due to rupee depreciation against the dollar.
According to IBJA data, the price of bullion has been steadily increasing throughout the week, by nearly Rs 1,000 per day.