New Delhi, Sep 8
Gold and silver prices witnessed a sharp surge on Monday, with both precious metals touching all-time highs, buoyed by geopolitical uncertainties, including ongoing US tariff concerns.
According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold jumped by Rs 1,699 to Rs 1,08,037 per 10 grams, compared to the earlier rate of Rs 1,06,338.
Similarly, 22-carat gold rose to Rs 98,962 per 10 grams, up from Rs 97,406, while 18-carat gold climbed to Rs 81,028 from Rs 79,754 per 10 grams.
Silver prices also recorded a significant increase, rising by Rs 1,243 to a record Rs 1,24,413 per kilogram, against the previous rate of Rs 1,23,170.
The precious metals mirrored the upward trend in future markets as well.
On the Multi Commodity Exchange (MCX), the gold contract expiring on October 3 was trading 0.39 per cent higher at Rs 1,08,147, while the silver for December 5 expiry rose 0.70 per cent to Rs 1,25,569.
The yellow metal too saw a significant gain in the global market. On Comex, gold edged up 0.20 per cent to $3,660.42 per ounce, while silver advanced 0.87 per cent to $41.915 per ounce.
"Gold took positive cues with gains of $28 at $3615 on COMEX and Rs 300 at Rs 1,08,000 on MCX, after last week's weak Non-Farm Payrolls data strengthened expectations of a Fed rate cut in the upcoming meeting," said Jateen Trivedi of LKP Securities.
Tariff uncertainties along with firm rate cut expectations continue to provide strong support to Gold, he added.
This week, US CPI and Core CPI data will play a key role in guiding trends and volatility. Key support for Gold is seen at $3,560/Rs 1,06,500, while resistance is placed at $3,650/Rs 1,09,500, Trivedi added.
— IANS
Reader Comments
As an investor, this is both exciting and concerning. Gold has always been our safe haven, but these prices are making it difficult for middle-class families to buy for occasions. Hope the RBI takes some measures.
Living in India for 5 years now, I've learned how important gold is in Indian culture. This price surge is affecting so many wedding plans and investments. Interesting to see global factors impacting local markets so significantly.
₹1,08,000 for 10 grams! My mother's gold jewelry she bought 20 years ago for ₹5,000 is now worth a fortune. Traditional Indian families always knew the value of holding gold. Smartest investment decision ever!
While the surge benefits existing investors, it's making gold inaccessible for many. The government should consider policies to stabilize prices for essential cultural purchases like wedding jewelry.
My sister's wedding is in December and we haven't bought gold yet. At this rate, we might have to reconsider our budget or opt for lighter jewelry. This is really stressful for families with upcoming weddings. 😥
Silver at ₹1.24 lakh per kg! This is unprecedented. Many small industries and artisans who work with silver will be badly affected. Hope the government provides some relief to the silver
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