Precious metal prices exploded this week in India, driven by international jitters. Gold gained over ₹4,000 per 10 grams, with 24-carat hitting ₹1,59,097—a ₹4,031 rise from last week’s ₹1,55,066, per India Bullion and Jewellers Association data.
The momentum spread across variants: 22-carat gold climbed to ₹1,45,733 from ₹1,42,040, and 18-carat advanced to ₹1,19,323 from ₹1,16,300. Silver outpaced gold, surging ₹16,386 per kilogram to ₹2,66,700, well above the previous ₹2,50,314.
In the spot market, gold’s high of ₹1,59,823 came on February 25, followed by a brief pullback to ₹1,58,022 on February 26. Silver peaked at ₹2,69,367 before settling at a low of ₹2,60,667.
Overseas, gold per ounce jumped to $5,247.90 from $5,080.90, and silver to $93.291 from $82.343. Analysts point to mounting US-Iran tensions as the primary catalyst, boosting demand for safe-haven investments.
This rally comes at a pivotal time for India’s bullion trade, which supports millions in jewelry manufacturing and retail. With festivals and weddings on the horizon, consumers face steeper costs. Traders anticipate continued volatility, urging buyers to time purchases wisely and monitor global cues closely for potential corrections.