Gold and silver prices surged sharply over this week, pushing gold to Rs 1.06 lakh per 10 grams and silver beyond Rs 1.23 lakh per kilogramme.
According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold now stands at Rs 1,06,338 per 10 grams, compared to Rs 1,02,388 a week ago -- an increase of Rs 3,950.
The price of 22-carat gold has risen to Rs 97,406 from Rs 93,787, while 18-carat gold has climbed from Rs 76,791 to Rs 79,754 per 10 grams.
Silver too witnessed a strong rally. During the review period, its price rose by Rs 5,598 to Rs 1,23,170 per kilogramme, up from Rs 1,17,572 earlier.
The sharp rise in precious metal prices has been attributed to global uncertainty.
US President Donald Trump's decision to impose tariffs on several countries has heightened global volatility, prompting investors to turn to safe-haven assets like gold and silver.
Limited supply against rising demand has further supported the rally.
Jatin Trivedi of LKP Commodities said that gold is trading at Rs 1,06,700 on MCX and $3,550 on Comex.
He added that investors are now focused on the US Federal Reserve's September meeting, where a rate cut is being anticipated. Meanwhile, tariffs are also boosting demand.
He noted that the overall outlook for gold remains positive. If prices sustain above Rs 1,06,450, they could test the next resistance level of Rs 1,07,260.
Since January 1, the price of 24-carat gold has climbed from Rs 76,162 per 10 grams to Rs 1,06,338 -- marking a gain of Rs 30,176 or 39.62 per cent.
Silver has also risen from Rs 86,017 per kilogramme to Rs 1,23,170, a jump of Rs 37,153 or 43.19 per cent.
(With inputs from IANS)
