A wave of optimism swept through India’s precious metals sector this week, as gold prices escalated by over 2,300 rupees per 10 grams and silver reclaimed the 2.50 lakh rupees per kilogram level. Bullion reports indicate 24-carat gold now at 1,55,066 rupees per 10 grams, lifting from 1,52,765 rupees the previous week.
The upward trend extended to 22-carat gold, now 1,42,040 rupees per 10 grams from 1,39,933 rupees, and 18-carat gold to 1,16,300 rupees from 1,14,574 rupees. Silver’s ascent was sharper, adding 7,881 rupees per kilogram to reach 2,50,314 rupees against last week’s 2,42,433 rupees.
Key spot market levels included highs on February 20—1,55,066 rupees for gold per 10 grams and 2,50,314 rupees for silver per kilogram—with bottoms on February 17 at 1,51,195 rupees and 2,32,955 rupees respectively.
Echoing local gains, global prices for gold hit 5,080.90 dollars per ounce, up from 5,046.30 dollars, and silver at 82.343 dollars per ounce from 77.96 dollars. Geopolitical strains, particularly US-Iran escalations, are primary catalysts, driving safe-haven buying.
This rally arrives at a pivotal time for investors and consumers alike, amid economic uncertainties. Jewellers report brisk sales despite higher prices, while speculators eye further upside. As tensions simmer, gold and silver’s allure as portfolio stabilizers remains undiminished, promising intriguing market watches ahead.