Gold prices are soaring due to various factors, including international developments and increased domestic buying. Recently, the price of gold reached its highest-ever level, with 10 grams of pure gold priced at ₹84,900. The price of gold rose by ₹1,100 in just one day, reflecting the growing demand in the domestic market. On January 1, the price of 10 grams of gold was ₹79,390, meaning it has increased by ₹5,510.

Experts believe that the upcoming budget may raise import duties, which is expected to push gold prices even higher. As a result, gold buying has picked up in anticipation of this price rise.

Additionally, the weakening value of the Indian rupee against the dollar is contributing to the surge in gold prices, according to market analysts.