The price of gold surged for the second consecutive day in India, breaking past ₹86,000 per 10 grams for 24-carat gold. A sharp increase of ₹950 to ₹1,040 per 10 grams was observed, reflecting strong demand and bullish market sentiment. Meanwhile, silver prices also shot up by ₹1,200 per kg, further intensifying investor interest in precious metals.
Gold Prices Rise Across Major Indian Cities
The upward momentum in gold prices was evident across major cities, with 24-carat gold trading between ₹86,250 and ₹86,400 per 10 grams. The price of 22-carat gold was seen fluctuating between ₹79,060 and ₹79,210 per 10 grams.
Delhi recorded the highest gold prices, with 24-carat gold priced at ₹86,400 per 10 grams, followed closely by Jaipur and Lucknow at the same level. In Mumbai, Kolkata, and Chennai, prices stood slightly lower at ₹86,250 per 10 grams.
Silver prices also saw a steep climb, reaching ₹99,600 per kg in Delhi markets. This surge reflects an overall trend of increased interest in bullion amid market uncertainties.
City-Wise Gold Price Breakdown
Here’s how gold prices varied across key Indian cities:
| City | 24-Carat Gold (₹/10g) | 22-Carat Gold (₹/10g) |
|---|---|---|
| Delhi | ₹86,400 | ₹79,210 |
| Mumbai | ₹86,250 | ₹79,060 |
| Ahmedabad | ₹86,300 | ₹79,110 |
| Chennai | ₹86,250 | ₹79,060 |
| Kolkata | ₹86,250 | ₹79,060 |
| Lucknow | ₹86,400 | ₹79,210 |
| Patna | ₹86,300 | ₹79,110 |
| Jaipur | ₹86,400 | ₹79,210 |
| Bengaluru | ₹86,250 | ₹79,060 |
| Hyderabad | ₹86,250 | ₹79,060 |
| Bhubaneswar | ₹86,250 | ₹79,060 |
These fluctuations indicate that gold remains in high demand, particularly in regions where upcoming wedding and festive seasons drive purchasing trends.
Why Are Gold Prices Rising?
Several factors have contributed to this sharp rise in gold prices, both globally and domestically.
- Global Economic Uncertainty: The international gold market has been reacting to economic slowdowns, inflation concerns, and geopolitical tensions, which have made bullion a preferred investment.
- US Dollar Strengthening: A stronger dollar often pushes gold prices higher, as investors hedge against currency fluctuations.
- Indian Wedding Season: Traditionally, demand for gold peaks during wedding and festive seasons, further influencing domestic prices.
- Investor Sentiment: With ongoing market volatility, gold is seen as a stable store of value, attracting more buyers.
These combined factors have fueled a strong rally in bullion prices, making gold an increasingly attractive asset for investors.
Silver Joins the Rally, Nears ₹1 Lakh per Kg
Not just gold, but silver prices have also been on an upward trend. In the last 24 hours, silver prices rose by ₹1,200 per kg, reaching ₹99,600 per kg in Delhi’s bullion markets.
The rise in silver prices is being driven by:
- Increased industrial demand, especially in technology and renewable energy sectors.
- Global supply chain disruptions affecting production and availability.
- Hedge against inflation, as investors seek alternative assets beyond traditional stock markets.
If the trend continues, silver could soon cross the ₹1,00,000 per kg mark, setting new records in India’s commodities market.
Future Market Outlook: What’s Next for Gold and Silver?
With gold prices already past ₹86,000 per 10 grams and silver nearing ₹1,00,000 per kg, the question remains—where do they go from here?
- Analysts predict continued volatility in gold prices, influenced by global interest rate changes and inflation reports.
- Domestic demand, particularly due to wedding season purchases, could keep gold prices firm or push them higher.
- Silver prices, on the other hand, are likely to mirror industrial demand and global market trends, making them more unpredictable.
For investors, staying updated on international developments and central bank policies will be key to understanding gold and silver price movements in the coming weeks.
