New Delhi: Gold prices have surged over Rs 6,000 per 10 grams in the last 30 days in both retail and futures domestic markets amid geopolitical concerns, including US President Donald Trump’s tariff jitters to many countries, including India, Brazil, Russia and others and, ongoing conflict in Ukraine and the Gaza Strip.
On Friday, gold futures (October 3 expiry) reached a record high of Rs 1,07,740 per 10 grams on the Multi-Commodity Exchange (MCX), after rising nearly Rs 6,500 for 10 grams over the previous month. Meanwhile, the 24-carat gold price settled at Rs 1,06,338 per 10 grams, up Rs 6,262 from Rs 1,00,076 on August 5, according to the Indian Bullion and Jewellers Association (IBJA).
This week itself, the precious metal rates escalated Rs Rs 1,845 for 24 carat purity, and since 18 August (Rs 99,623), it rose by Rs 6,715 per 10 grams, as per prices on IBJA.
Meanwhile, the silver has also hit a time high at Rs 1,23,207 per kg on September 4. On Friday, it closed with a slight decline of over Rs 100 to Rs 1,23,170 per 10 grams, surging Rs 10,748 per kg from Rs 1,12,422 per kg on August 5.
This week, the metal remained relatively stable, surging Rs 370 from Rs 1,22,800 on Monday, i.e. September 1.
Gold and Silver both hit new all-time highs this week, continuing their upward momentum in both domestic and international markets.
The India Bullion and Jewellers Association (IBJA) reports that on September 4, evening rates indicated that the price of 24-carat gold increased from Rs 1,04,424 on Tuesday to Rs 1,06,021 per 10 grams. In just one day, this represents an increase of Rs 1,597.
The price of precious metals continued to rise despite recent profit-taking ahead of significant U.S. employment data, thanks to strong support from central bank demand and global uncertainties.
(IANS)
