Precious metals markets are on fire today, with silver reclaiming territory above ₹2.42 lakh per kilogram and gold flirting with its lifetime summit. The dual rally underscores a flight to safety as stock indices falter and bond yields spike amid fresh economic headwinds.
Domestic gold benchmarks soared to ₹77,450 per 10 grams, a mere whisper away from the elusive ₹78,000 peak set during last Diwali’s frenzy. Import duties, currency depreciation, and maker charges have compounded the upward pressure, leaving jewelers scrambling to adjust wedding-season quotes.
Silver’s resurgence is even more electrifying, hitting ₹2.44 lakh/kg on aggressive bids from fabricators and investors alike. ‘Global supply constraints from major miners like Glencore are tightening the screws,’ explains commodity expert Priya Sharma of Angel One. Industrial applications in EVs and renewables are gobbling up inventories faster than they can be replenished.
What’s driving this precious duo? A perfect storm: Trump’s tariff threats rattling trade, sticky US inflation data, and India’s own monsoon deficits stoking food price worries. MCX futures echoed the spot frenzy, with October gold contracts up 1.8%.
Experts urge caution for speculators but optimism for long-term holders. ‘Gold’s safe-haven allure remains unmatched,’ says a report from Motilal Oswal. With festivals like Dhanteras looming, demand could catapult prices into uncharted territory. Keep an eye on dollar movements and Fed speeches—they hold the key to the next leg up.
