Gold jumps by ₹4,000 this week, silver crosses ₹1.23 lakh per kg

Gold and silver prices surged sharply over this week, pushing gold to ₹1.06 lakh per 10 grams and silver beyond ₹1.23 lakh per kilogramme. 

According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold now stands at ₹1,06,338 per 10 grams, compared to ₹1,02,388 a week ago -- an increase of ₹3,950.

The price of 22-carat gold has risen to ₹ 97,406 from ₹93,787, while 18-carat gold has climbed from ₹76,791 to ₹79,754 per 10 grams.

Silver too witnessed a strong rally. During the review period, its price rose by ₹5,598 to ₹1,23,170 per kilogramm, up from ₹1,17,572 earlier.

The sharp rise in precious metal prices has been attributed to global uncertainty.

US President Donald Trump’s decision to impose tariffs on several countries has heightened global volatility, prompting investors to turn to safe-haven assets like gold and silver.

Limited supply against rising demand has further supported the rally.

Jatin Trivedi of LKP Commodities said that gold is trading at ₹1,06,700 on MCX and $3,550 on Comex.

He added that investors are now focused on the US Federal Reserve’s September meeting, where a rate cut is being anticipated. Meanwhile, tariffs are also boosting demand.

He noted that the overall outlook for gold remains positive. If prices sustain above ₹1,06,450, they could test the next resistance level of ₹1,07,260.

Since January 1, the price of 24-carat gold has climbed from ₹76,162 per 10 grams to ₹1,06,338 -- marking a gain of ₹30,176 or 39.62%.

Silver has also risen from ₹86,017 per kilogramme to ₹1,23,170, a jump of ₹37,153 or 43.19%.

(This story was taken from syndicated feed and was only edited for style by Gujarat Samachar Digital team)