As global headwinds batter major economies and also trigger uncertainty for India, investors are looking for safe investments in tangible assets. Gold has traditionally been a hedge against volatility for individuals as well as central banks, which buy it in form of bullions and jewellery.
With inflation surging and the recession's impact being felt, the yellow metal's price has surged to an all time high beyond Rs 62,000 per 10 gram.
Prices surge amid uncertainty
The price for 10 gram of 24 carat gold, is Rs 62,665 as of April 5, 2023, and the price went beyond Rs 56,000 per 10 grams for 22 carat.
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The Reserve Bank of India has also added 3 tonnes of gold to its reserves, to bulk up its foreign reserves and make the Rupee stronger.
The country, where gold demand rises consistently during festive and wedding seasons, accounts for more than 8 per cent of the world's total gold reserves.
With a surge of Rs 1,810, Silver has also surged to Rs 73,950 per kilogram alongside gold, among other precious metals.
