Hyderabad: Gold prices soared sharply on Monday, delivering an unexpected blow to buyers as both gold and silver registered steep increases in the domestic market. The price of 24-carat gold surged by ₹1,300, reaching ₹1,25,900 per 10 grams, while silver witnessed a significant jump of ₹2,460, bringing the price to ₹1,55,760 per kilogram.
Market analysts attribute the surge to global economic trends, with investors turning toward precious metals as a safe-haven investment amid a weak US economy and a declining dollar. This renewed demand has fueled an upward rally in bullion prices.
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Soumil Gandhi, Senior Analyst at HDFC Securities, noted that speculation about an interest rate cut by the US Federal Reserve in its next policy meeting has further strengthened gold prices. “The market’s expectation of lower interest rates is increasing demand for non-yielding assets like gold,” Gandhi said.
Silver prices followed a similar trajectory, climbing from ₹1,53,300 per kg on Friday to ₹1,55,760 per kg on Monday. This parallel rise in both metals reflects a global trend, with international bullion markets showing similar momentum.
In the global market, spot gold rose 2.08% to trade at USD 4,082.84 per ounce, while silver appreciated 3.3%, touching USD 49.93 per ounce.
Jatin Trivedi, Vice President and Commodity Analyst at LKP Securities, said that “the resumption of the US government’s fiscal activity and the weakening dollar index have created a positive sentiment in the global bullion market.”
As investors continue to hedge against economic uncertainty, experts predict that the uptrend in gold and silver prices may persist in the near term, particularly if the dollar continues to lose strength.