Gold, silver prices surge this week; silver crosses ₹1.10 lakh per kg

Both gold and silver prices saw a sharp rise this week, with gold gaining over ₹400 and silver surging by more than ₹2,700 per kilogram. 

According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold climbed to ₹97,511 per 10 grams, up from ₹97,021 a week ago -- a gain of ₹490.

In the previous week, gold had already seen an increase of ₹1,237 per 10 grams. The price of 22-carat gold rose to ₹89,320 per 10 grams, up from ₹88,871.

Meanwhile, 18-carat gold went up from ₹72,766 to ₹73,133 per 10 grams during the same period.

Silver also saw a steep rise, gaining ₹2,710 to reach ₹1,10,290 per kilogram, up from ₹1,07,580 last week.

This marks the first time silver has closed above ₹1.10 lakh per kg on a weekly basis, with prices hovering near record highs.

The recent surge in precious metals is being attributed to global uncertainty. The announcement by US President Donald Trump regarding tariffs on key trade partners like Canada, Europe, and other countries has contributed to the rising tension in global markets.

Gold and silver are traditionally seen as safe-haven assets during times of geopolitical and economic instability. When demand rises amid limited supply, prices tend to increase.

Since January 1 this year, the price of 24-carat gold has jumped by ₹21,349 or 28.03%, rising from ₹76,162 to ₹97,511 per 10 grams.

Similarly, silver has gone up by ₹24,273 or 28.21%, from ₹86,017 to ₹1,10,290 per kilogram.

This is now the highest price silver has ever reached. The previous record was ₹1,09,550 per kg, which was set on June 18 this year.

The rise in both gold and silver is being seen as a response to growing global uncertainty.

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