Gold prices in Ahmedabad reached a fresh all-time high on Saturday, continuing their strong upward trend in the local bullion market. The precious metal climbed to Rs 1,46,300 per 10 grams, setting a new record. This marked a slight increase from Friday's price of Rs 1.46 lakh per 10 grams.
Safe-Haven Demand Drives Rally
Bullion dealers in Ahmedabad reported that gold's sustained rally reflects growing investor preference for safety. Elevated global tensions and a clouded economic outlook are pushing more money into gold. "Gold is clearly benefiting from geopolitical risks and uncertainty across major economies," said a local bullion dealer. "Every bout of global instability is translating into fresh buying interest."
Analysts Point to Multiple Factors
Analysts echoed this view, noting several key factors behind gold's appeal. Concerns over conflicts in key regions are making investors nervous. Volatile equity markets are also driving people toward safer assets. Expectations of a softer global interest rate cycle further increase gold's attractiveness for investors seeking stability.
Silver Sees Mild Pullback
Silver, by contrast, witnessed mild profit-taking on Saturday. After hitting a high of Rs 2.80 lakh per kg on Friday, silver eased to around Rs 2.75 lakh per kg. Dealers stressed that silver's pullback was technical in nature. They emphasized that this does not alter the broader bullish sentiment in precious metals. The overall trend remains positive for both gold and silver in the Ahmedabad market.
The local bullion market in Ahmedabad remains active as investors monitor global developments closely. With ongoing geopolitical uncertainties and economic concerns, gold continues to dominate the narrative as a preferred safe-haven asset.
