Investors rushed to gold and silver as prices exploded in Mumbai on Friday, pushing 24-carat gold over 1.59 lakh rupees per 10 grams and silver above 2.66 lakh per kilo. This sharp uptick reflects heightened safe-haven buying amid diplomatic stalemates.
IBJA data shows 24-carat gold surging 1,075 rupees to 1,59,097 rupees per 10g from 1,58,022 rupees. Its 22-carat counterpart rose 985 rupees to 1,45,733 rupees, and 18-carat gained to 1,19,323 rupees per 10g. Silver’s blistering 6,033-rupee jump took it to 2,66,700 rupees/kg from 2,60,667 rupees.
Futures markets echoed the frenzy: MCX gold for April 2026 rose 0.45% to 1,60,435 rupees, with silver May 2026 up 2.45% at 2,74,520 rupees. Overseas, gold touched 5,204 dollars/oz (up 0.20%), and silver hit 89.66 dollars/oz (up 3.07%).
Geopolitical jitters, particularly the lack of progress in Iran-US talks, are driving this momentum. ‘Safe assets are in vogue as risks mount,’ noted one trader. With festivals approaching and inflation concerns lingering, demand is set to intensify.
This rally underscores gold’s enduring appeal in uncertain times. While short-term corrections can’t be ruled out, the long-term outlook remains bullish, advising investors to monitor global cues closely.