Bullion enthusiasts are reeling from this week’s price explosion in Mumbai, where 24-karat gold breached 1.54 lakh rupees per 10 grams, and silver notched a massive 35,000-plus rupee gain per kilogram. Per India Bullion and Jewellers Association figures, gold surged 12,717 rupees to 1,54,310 rupees per 10 grams, vaulting from 1,41,593 rupees.
The upward tide lifted all boats: 22-karat gold settled at 1,41,348 rupees per 10 grams (from 1,29,699 rupees), while 18-karat climbed to 1,15,733 rupees (up from 1,06,195 rupees). Silver led the charge, rocketing 35,815 rupees to 3,17,705 rupees per kilogram over 2,81,890 rupees.
Overseas, the action was equally dramatic—gold touched a peak of 5,017 dollars per ounce from 4,600 dollars, and silver crossed into triple digits at 101 dollars per ounce for the first time, from 89 dollars.
Driving forces include US tariffs igniting global market tremors, spurring a flight to safety in precious metals. Silver’s outsized gains highlight supply crunches from exploding industrial applications in solar tech, EVs, and gadgets, where demand has outpaced production dramatically.
As the week closes, momentum favors bulls. Traders eye sustained highs, with investors piling in despite stretched valuations. This surge reshapes strategies for portfolios and purchasing plans, underscoring precious metals’ enduring appeal in turbulent times.