Gold prices in India exploded higher on Wednesday, pushing 24-carat rates for 10 grams beyond 1.57 lakh rupees. The India Bullion and Jewellers Association reported a hefty 1,067-rupee gain, taking the price to 1,57,322 rupees from 1,56,255 rupees earlier.
Lower purity gold followed suit: 22-carat advanced to 1,44,107 rupees per 10 grams from 1,43,130 rupees, and 18-carat reached 1,17,992 rupees up from 1,17,191 rupees. Silver delivered an even bigger shock, surging 7,349 rupees to 2,66,449 rupees per kilo after closing at 2,59,100 rupees the day before.
Futures trading reflected the frenzy. MCX gold for April 2026 rose 0.94% to 1,58,284 rupees, while silver’s March 2026 contract jumped 3.91% to 2,62,435 rupees. Domestic spot prices aligned with this robust uptrend.
International markets fueled the fire, with Comex gold up 1.10% at 5,086 dollars per ounce and silver climbing 4.35% to 83 dollars. Analysts like LKP Securities’ Jatin Trivedi highlighted a 1,700-rupee MCX gold spike, attributing it to preemptive buying before US jobs data release.
Trivedi pegs gold support near 1,55,000 rupees, with key hurdles at 1,60,000-1,62,000 rupees. For investors, this volatile climb reaffirms gold and silver’s role in portfolios, especially as geopolitical tensions and inflation fears persist. Eyes now turn to Federal Reserve signals for the next leg.