Unpredictable Surge in Gold and Silver Prices—You Won’t Believe the Numbers!
Gold prices surged by Rs 1,300, reaching an all-time high of Rs 89,400 per 10 grams, driven by robust buying from jewellers and retailers, as reported by the All-India Sarafa Association
New Delhi: Gold prices surged by Rs 1,300, reaching an all-time high of Rs 89,400 per 10 grams, driven by robust buying from jewellers and retailers, as reported by the All-India Sarafa Association.
The precious metal had closed at Rs 88,100 per 10 grams the previous day.
Gold of 99.5% Purity Reaches New Peak
Gold with 99.5% purity also climbed by Rs 1,300, hitting a fresh peak of Rs 89,000 per 10 grams, compared to its previous closing price of Rs 87,700 per 10 grams. The surge comes amid a weaker dollar index and sustained support from US tariff policies.
Silver Prices Surge to Four-Month High
Silver also experienced a significant rally, increasing by Rs 2,000 to reach Rs 1 lakh per kg on Friday, marking a four-month high. The metal had ended at Rs 98,000 per kg on Thursday. In futures trade on the Multi Commodity Exchange (MCX), silver contracts for April delivery jumped by Rs 2,517, or 2.64%, reaching Rs 97,750 per kg.
Factors Behind the Surge in Gold and Silver Prices
According to Jateen Trivedi, VP of Research at LKP Securities, gold’s upward momentum was primarily driven by a weaker dollar index and continued support from US tariff policies. He added that the focus now shifts to upcoming US Retail Sales and Core Retail Sales data, which could influence gold prices further.
Also Read: Sensex and Nifty End Lower Amid Global Trade Concerns
Global Gold Prices Also Experience Gains
On the global front, Comex gold futures for April delivery rose by USD 6.49 per ounce to USD 2,951.89 per ounce. Spot gold was also higher, trading at USD 2,929.79 per ounce.
Gold’s Safe-Haven Appeal Continues to Drive Prices Up
According to Kotak Securities, Comex gold futures extended their rally for the third consecutive day, nearing a record high of USD 2,960 per ounce. This upward trend positions gold for a seventh straight week of gains, the longest such streak since August 2020. Analysts attribute gold’s appeal to its safe-haven status amid global trade uncertainty, largely stemming from US tariffs on Chinese goods and looming duties on steel and aluminium imports.
Silver Prices Soar in Asian Markets
Comex silver futures saw a significant increase in Asian market hours, rising nearly 4% to trade at USD 34 per ounce.
