Precious metals markets in India lit up this week with gold prices rising over 2,300 rupees per 10 grams and silver crossing the 2.50 lakh rupees per kilogram threshold once again. Data from bullion associations shows 24-carat gold settling at 1,55,066 rupees per 10 grams, a clear jump from the previous week’s 1,52,765 rupees.
Supporting the trend, 22-carat gold reached 1,42,040 rupees per 10 grams, up from 1,39,933 rupees, and 18-carat variant advanced to 1,16,300 rupees from 1,14,574 rupees. Silver’s performance was even more dramatic, gaining nearly 8,000 rupees to hit 2,50,314 rupees per kilogram against 2,42,433 rupees last week.
In the spot market, February 20 marked the peaks: 1,55,066 rupees for gold and 2,50,314 rupees for silver per kilogram. The dips came earlier on February 17 at 1,51,195 rupees for gold and 2,32,955 rupees for silver.
Globally, gold traded at 5,080.90 dollars per ounce, up from 5,046.30 dollars, while silver stood at 82.343 dollars per ounce from 77.96 dollars. Experts attribute this uptick to heightened US-Iran tensions, bolstering demand for safe-haven investments.
As festivals approach and investment demand grows, these price movements could reshape market dynamics. Investors are watching closely, with many hedging against further geopolitical flare-ups. This week’s bullish close sets the stage for what could be a sustained upward trajectory in precious metals.