Gold and silver prices witnessed a sharp surge in the domestic market this week, tracking strong gains in global bullion markets. Gold prices rose by around INR 4,000 per 10 grams
Share
NEW DELHI — Gold and silver prices witnessed a sharp surge in the domestic market this week, tracking strong gains in global bullion markets. Gold prices rose by around INR 4,000 per 10 grams, while silver prices jumped by nearly INR 17,000 per kilogram.
According to data from the India Bullion and Jewellers Association (IBJA), the price of 24-karat gold increased by INR 4,188 to INR 1,32,710 per 10 grams, compared to INR 1,28,592 a week ago.
The price of 22-karat gold climbed to INR 1,21,562 per 10 grams from INR 1,17,777, while 18-karat gold rose to INR 99,533 per 10 grams from INR 96,444.
Silver prices outperformed gold, registering a sharper weekly rise.
The price of silver surged by INR 16,970 to INR 1,95,180 per kilogram, up from INR 1,78,210 per kilogram a week earlier.
Earlier on Friday, Silver touched the INR 2 lakh mark to hit an all-time high of INR 2,013,88 per kilogram on the Multi-Commodity Exchange (MCX) during the intraday trade.
The price of the future contract expiring on March 5, 2026, rose over INR 2,400 during the day before settling at INR 2,00462, up INR 1,520 against the previous session's closing of INR 1,98,942.
"Gold and silver ETFs have been quiet heroes of the year, delivering standout returns even as equity markets saw bouts of volatility. Silver, especially, stole the spotlight — a rare combination of booming industrial demand from solar, EVs and electronics, alongside tightening global supply, pushed prices sharply higher," said Nikunj Saraf, CEO, Choice Wealth.
Gold too held its ground and climbed steadily, supported by persistent central-bank buying and investors seeking safety amid geopolitical and inflation worries, he added.
The gold future contract expiring on February 5 surged 1.87 per cent to close at INR 1,34,948 per 10 grams on MCX on Friday. In the retail market, the 24-carat gold price settled at INR 132,710 per 10 grams, up over INR 4,600 from the previous day's closing of INR 1,28,596 per 10 grams, according to the IBJA.
On the COMEX, gold was trading at $4,328 per ounce, while silver stood at $62 per ounce.