In a stunning turnaround, India’s bullion markets erupted on Wednesday as silver prices catapulted by nearly 18,500 rupees per kilogram, pushing the metal to a lofty 282,462 rupees. Gold followed suit with a robust 5,096-rupee gain, settling at 156,625 rupees for 10 grams of 24-carat purity, according to the India Bullion and Jewellers Association.
This explosive recovery erases much of the damage from last week’s carnage, when profit-taking led to gold’s 11 percent plunge and silver’s 31 percent nosedive. 22-carat gold advanced to 143,469 rupees per 10 grams from 138,801 rupees, and 18-carat variants hit 117,469 rupees, up from 113,647 rupees.
The rally extended to derivatives trading on the MCX, where long-dated gold contracts gained 1.98 percent to 156,850 rupees, and silver futures leaped 5.59 percent to 282,993 rupees. Spot prices mirrored this enthusiasm, reflecting renewed buying interest across the board.
Internationally, the trend was equally bullish. Comex gold climbed 1.85 percent to 5,029 dollars an ounce, propelled by safe-haven buying. Silver’s industrial appeal shone through with an 8.25 percent spike to 90 dollars per ounce, driven by manufacturing demand and supply constraints.
Analysts point to a cocktail of factors: global instability, inflation fears, and silver’s dual role as both a store of value and industrial input. ‘This bounce is healthy after the overcorrection,’ said one market strategist. Eyes are now on key US indicators like jobs data and Fed signals, which could dictate the next leg of this precious metals bull run. Retail investors and fabricators are advised to monitor closely amid the heightened volatility.
