Gold jumps by INR 4,000 this week, silver crosses INR 1.23 lakh per kg

NEW DELHI — Gold and silver prices surged sharply over this week, pushing gold to INR 1.06 lakh per 10 grams and silver beyond INR 1.23 lakh per kilogramme.

According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold now stands at INR 1,06,338 per 10 grams, compared to INR 1,02,388 a week ago -- an increase of INR 3,950.

The price of 22-carat gold has risen to INR 97,406 from INR 93,787, while 18-carat gold has climbed from INR 76,791 to INR 79,754 per 10 grams.

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Silver too witnessed a strong rally. During the review period, its price rose by INR 5,598 to INR 1,23,170 per kilogramme, up from INR 1,17,572 earlier.

The sharp rise in precious metal prices has been attributed to global uncertainty.

US President Donald Trump’s decision to impose tariffs on several countries has heightened global volatility, prompting investors to turn to safe-haven assets like gold and silver.

Limited supply against rising demand has further supported the rally.

Jatin Trivedi of LKP Commodities said that gold is trading at INR 1,06,700 on MCX and $3,550 on Comex.

He added that investors are now focused on the US Federal Reserve’s September meeting, where a rate cut is being anticipated. Meanwhile, tariffs are also boosting demand.

He noted that the overall outlook for gold remains positive. If prices sustain above INR 1,06,450, they could test the next resistance level of INR 1,07,260.

Since January 1, the price of 24-carat gold has climbed from INR 76,162 per 10 grams to INR 1,06,338 -- marking a gain of INR 30,176 or 39.62 per cent.

Silver has also risen from INR 86,017 per kilogramme to INR 1,23,170, a jump of INR 37,153 or 43.19 per cent.