Gold and silver prices witnessed a sharp rally this week, keeping both precious metals close to their all-time highs.
NEW DELHI — Gold and silver prices witnessed a sharp rally this week, keeping both precious metals close to their all-time highs.
According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold stands at INR 1,09,707 per 10 grams, compared to INR 1,06,338 a week ago -- reflecting a rise of INR 3,369.
Prices of 22-carat gold have climbed from INR 97,406 to INR 1,00,492 per 10 grams, while 18-carat gold has risen from INR 79,754 to INR 82,280 per 10 grams.
Silver prices also gained significantly, rising by INR 4,838 during the review period. The white metal now trades at Rs 1,28,008 per kg, up from INR 1,23,170.
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The rally in precious metals is being attributed to rising global uncertainties. Recent tariff measures imposed by US President Donald Trump on multiple countries have heightened concerns worldwide.
Traditionally seen as safe-haven assets during times of uncertainty, both gold and silver have witnessed higher demand, while limited supply has further pushed prices upward.
Jatin Trivedi of LKP Commodities noted that gold prices have continued their bullish run, driven by increasing expectations of a US Federal Reserve rate cut.
Despite the metal being overbought, ongoing tariff disputes and the global de-dollarization theme are supporting higher prices.
He added that gold is likely to trade between INR 1.07 lakh and INR 1.12 lakh per 10 grams in the coming sessions.
Since January 1, gold prices have jumped by 44.04 per cent -- from INR 76,162 to INR 1,09,707 per 10 grams -- marking an increase of INR 33,545.
Silver has seen an even sharper rise of 48.81 per cent, moving from INR 86,017 to INR 1,28,008 per kg during the same period.