Mumbai: Gold, silver and platinum prices climbed to new record levels on Friday, extending a powerful rally as investors moved money into precious metals amid global economic uncertainty and a weaker US dollar.
According to market data, gold rose to an all time high of around 4,966 dollars per ounce, while silver surged close to the 100 dollar mark, reaching nearly 99 dollars per ounce. Platinum also touched a fresh peak above 2,680 dollars per ounce, continuing its strong upward momentum.
Analysts say the rally is being driven by growing concerns over the global economic outlook and expectations that the US Federal Reserve could begin cutting interest rates later this year. Lower interest rates tend to support precious metals, which do not offer interest returns but are seen as safe stores of value during uncertain times.
The weakening of the US dollar has added further support to prices. Since gold, silver and platinum are priced in dollars, a softer dollar makes these metals cheaper for buyers using other currencies, boosting global demand.
Silver has gained additional strength from its wide industrial use, especially in clean energy technologies such as solar panels. Strong demand from manufacturers, combined with heavy investor buying, has pushed silver prices close to a key psychological level of 100 dollars per ounce.
Platinum prices have also benefited from supply concerns and steady demand from the automotive sector, where the metal is used in emission control systems
Market experts warn that while the overall trend remains strong, price swings could increase as traders react to economic data, central bank signals and geopolitical developments. Still, many investors continue to see precious metals as a reliable hedge against inflation, currency weakness and market volatility.
With global uncertainty showing little sign of easing, gold, silver and platinum are expected to remain in focus in the weeks ahead as investors look for safer places to park their money.