New Delhi: Over the past six years, gold prices in India have risen by an astounding 200 per cent, skyrocketing from Rs 30,000 to over Rs 1,00,000 per 10 grams between May 2019 to June 2025, analysts said on Monday.
Motilal Oswal Financial Services Limited (MOFSL) reinstated its bullish outlook on the precious metal, considering geopolitical situations.
Phases of heightened market uncertainty during the last couple of years — triggered by inflation, global economic shifts, and geopolitical instability will further trigger an uptick in the gold price, said MOFSL.
“We have been fortunate to be part of the gold uptrend since 2019. Following our long-standing bullish stance on the yellow metal, we are now taking a cautious pause in July 2025 — without completely turning away from it,” said Manav Modi, Analyst, Precious Metal Research, MOFSL.
“While normal price fluctuations will continue, for gold prices to move beyond current all-time highs, the market requires fresh and significant catalysts. We are likely to see a period of price consolidation until the emergence of any decisive or longer-term triggers, Modi added.
Meanwhile, on the first trading day of the week, the prices of both gold and silver saw significant increases. While the price of silver once again surpassed Rs 1.13 lakh per kilogram, the price of 24-carat gold increased by more than Rs 650.
Earlier, on July 14, silver hit a record high of Rs 1,13,867 per kilogram.
The price of 24-carat gold increased by Rs 653 to Rs 98,896 per 10 grams, up from Rs 98,243 last Friday, according to India Bullion and Jewellers Association (IBJA).
Similarly, the price of 22-carat gold increased from Rs 89,991 to Rs 90,589 per 10 grams, while that of 18-carat gold increased from Rs 73,682 to Rs 74,172 per 10 grams.
The price of silver increased as well, going up Rs 765 to Rs 1,13,465 per kg from Rs 1,12,700 the previous session.
The futures market also followed the upward trend.
The August 5, 2025, gold contract on the Multi Commodity Exchange (MCX) increased by 0.67 per cent to Rs 98,685 per 10 grams, while the September 5, 2025, silver contract increased by 0.93 per cent to Rs 1,14,001 per kg.
Precious metals are also becoming more popular worldwide. Silver was up 1.16 per cent at $38.91 per ounce on Comex, while gold was up 0.71 per cent at $3,382.10 per ounce.
(IANS)
