New Delhi: Gold prices in India have been on a sharp upward trend, gaining more than Rs 6,000 per 10 grams in just the last month. On Friday, October futures on the Multi-Commodity Exchange (MCX) touched
a record Rs 1,07,740 per 10 grams. Similarly, retail gold (24-carat) settled at Rs 1,06,338 per 10 grams, according to the India Bullion and Jewellers Association (IBJA).
Since August 5, gold has risen from Rs 1,00,076 to Rs 1,06,338 — a gain of Rs 6,262. In just the past week, it went up by Rs 1,845, showing strong investor demand.
Silver Hits All-Time High
Silver too has followed gold’s rally, hitting Rs 1,23,207 per kg on September 4 — its highest-ever price. By Friday, it closed slightly lower at Rs 1,23,170 per kg but was still up by Rs 10,748 compared to a month ago. From Rs 1,12,422 on August 5, silver has gained steadily, reflecting strong demand both in India and globally.
Global Factors Driving the Rally
The surge in precious metals is linked to global uncertainties. Rising geopolitical tensions, including the ongoing wars in Ukraine and Gaza, and U.S. President Donald Trump’s tariff concerns with countries such as India, Brazil, and Russia, have pushed investors towards gold and silver, which are seen as safe havens.
Additionally, strong central bank purchases and worries about inflation have further boosted demand. Despite profit-taking by some investors before key U.S. employment data, both metals remain well-supported in international and domestic markets.
What It Means for Buyers
For Indian consumers, this surge means higher costs for jewellery purchases, especially with the festive season approaching. However, for investors, gold and silver continue to remain attractive options for wealth protection during uncertain times.
