Gold enthusiasts are celebrating as prices leaped ₹3,381 per 10 grams this week, reaching ₹1,52,078 for 24-carat, per India Bullion and Jewellers Association data. Starting February 1 at ₹1,48,697, the metal’s ascent has been nothing short of spectacular. Lower purities followed suit: 22-carat up to ₹1,39,303 from ₹1,36,206, and 18-carat at ₹1,14,059 from ₹1,11,523.
Silver investors, conversely, face tough times. The white metal shed ₹20,822 per kg, closing at ₹2,44,929 against February’s ₹2,65,751. Domestic spot trading saw wild swings—gold per 10g touched ₹1,58,158 high on Feb 4 and dipped to ₹1,42,270 on Feb 2; per kg, highs of ₹2,82,462 and lows of ₹2,36,496.
Global cues played a pivotal role. Comex gold ended at $4,979.80/oz after hovering near $5,000, with silver at $76.89/oz. Analysts point to dollar strength and profit-taking as silver’s downfall, while gold benefits from inflation fears.
What’s next? Eyes are on US employment figures like non-farm payrolls. ‘Gold could consolidate in a tight range short-term,’ says one trader. Long-term bulls remain optimistic, citing central bank buying and geopolitical risks.
For Indian markets, this divergence highlights silver’s industrial sensitivity versus gold’s haven status. Wedding season buyers might lock in gold now, but silver deals could emerge if the downtrend persists. Stay tuned for more updates as data unfolds.