In a remarkable weekly rally, gold prices in India have surged past Rs 3,700 per 10 grams, with silver exploding by almost Rs 12,000 per kilogram. IBJA data shows 24-carat gold closing the week at Rs 1,50,327 per 10 grams, a significant leap from Rs 1,46,608 seven days prior. This 3,719-point gain underscores gold’s enduring appeal as an inflation hedge.
Lower purities mirrored the trend: 22-carat at Rs 1,37,700 (previously Rs 1,34,293) and 18-carat at Rs 1,12,745 (from Rs 1,09,130). Silver’s ascent was steeper, reaching Rs 2,39,934 per kg after adding Rs 12,121 from last week’s Rs 2,27,813.
The week saw intense spot trading swings. Gold touched Rs 1,52,068 high on April 8 AM and Rs 1,47,489 low on April 7 AM. Silver scaled Rs 2,44,443 on April 8 AM and fell to Rs 2,30,881 on April 7 PM. These twice-daily IBJA updates highlight the market’s dynamism.
Global markets echoed the uptrend, with gold at $4,787/oz (from $4,702) and silver at $76/oz (from $73). Rising demand from central banks, stock market jitters, and safe-haven buying have propelled prices. Analysts point to persistent inflation and Middle East tensions as key drivers.
Retail investors face higher costs for ornaments and bars, prompting a rush to book rates. Financial advisors suggest diversifying into gold ETFs for stability. With festivals approaching, this rally could reshape buying patterns and influence long-term investment strategies in precious metals.
