Experts divided as festive demand and central bank buying push gold to record highs

Gold prices in India are at historic levels, sparking both celebration and concern. On Wednesday, 24-carat gold was priced at ₹1,13,580 per 10 grams in Mumbai, with 22-carat at ₹1,04,040 and 18-carat at ₹85,190. Silver, too, is soaring, trading above ₹1,40,000 per kg in some markets. Despite a slight dip during Navratri, analysts believe the overall momentum remains bullish.

Since 2022, following the Russia-Ukraine conflict, central banks worldwide have increased their gold holdings to nearly 28% of global FX reserves, while reducing US Treasury exposure. Domestically, robust festive demand, a weaker rupee, and a soft US dollar continue to fuel the rally. Market watchers predict MCX futures could touch ₹1

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