Today, bullion markets in India witnessed a steady rise in both gold and silver prices, driven by global cues, festive-season demand, and currency fluctuations. 24K gold averaged around ₹1,47,000 per 10 grams in major cities such as Mumbai, Bengaluru, and Kolkata, while 22K gold hovered near ₹1,34,750 per 10 grams, making it the preferred choice for jewellery buyers. Premium markets like Delhi and Chennai quoted slightly higher rates, reflecting local demand and supply variations. Compared to yesterday, gold prices rose by over 1%, supported by a weaker US dollar and easing inflationary concerns, which boosted safe-haven buying.
Silver also saw an upward trend, with MCX silver futures trading at approximately ₹2,37,000 per kilogram, marking a 1.6% rise. Retail silver prices stood around ₹245 per gram, while Chennai and Hyderabad quoted higher at ₹250 per gram (₹2,50,100 per kg). The rally in silver is attributed to strong industrial demand, particularly in electronics and renewable energy, alongside its role as a safe-haven asset.
Market analysts point to several drivers behind today’s surge: softer US job data reduced fears of aggressive Federal Reserve rate hikes, a weaker dollar made bullion more attractive globally, and geopolitical tensions in West Asia added to the safe-haven appeal. Renewed central bank buying further supported upward momentum.
Experts suggest that gold and silver may continue trading with a positive bias in the short term, though volatility remains high. Investors are advised to monitor international spot prices, rupee-dollar trends, and import duty changes before making purchase decisions.
