Mumbai: Gold prices in India have surged to a historic high, crossing the ₹1.5 lakh mark per 10 grams for the first time. At present, 24-carat gold is trading at around ₹1,57,260 per 10 grams, while 22-carat gold is priced close to ₹1,44,150 per 10 grams.
Silver prices have also jumped sharply along with gold. In the domestic market, silver is currently trading at around ₹3,40,000 per kilogram, while the price of silver per gram stands at approximately ₹340.
The rapid rise in precious metal prices has become a major concern for buyers, especially middle-class families, as the ongoing wedding season has pushed up demand for jewellery. With prices climbing at such a fast pace, purchasing gold and silver has become significantly more expensive than in previous months.
Reasons Behind the Surge in Gold and Silver Prices
Market experts attribute the record rally in precious metals to a combination of domestic and global factors:
Weakening of the Indian rupee: The rupee’s fall against the US dollar has increased the cost of gold and silver imports, pushing up domestic prices.
Global economic uncertainty: Volatility in international markets has made investors cautious, leading them to shift funds into safer assets like gold and silver.
Rising geopolitical tensions: Growing diplomatic and trade tensions between major economies, especially the US and Europe, have unsettled global financial markets.
Safe-haven demand: Gold and silver are considered secure investments during uncertain times, increasing their demand worldwide.
Wedding season demand: Higher seasonal demand for jewellery has added further pressure on prices in the Indian market.
Experts believe that if global instability continues and currency pressures remain, both gold and silver prices are likely to stay elevated in the near term, as investors increasingly prefer precious metals over riskier assets.
