The prices of gold and silver have surged to new heights, with silver crossing ₹1 lakh per kilogram and gold reaching ₹81,000 per 10 grams in the national capital. The rising demand for precious metals is being driven by global uncertainties, with investors flocking to safe-haven assets like bullion.
On Tuesday, silver extended its gains for the fifth consecutive day, surging by ₹1,500 and crossing the ₹1 lakh mark. Silver’s new high of ₹1.01 lakh per kilogram comes after it closed at ₹99,500 per kilogram on Monday. The demand for silver continues to grow as traditional assets underperform, fueling the metal’s rapid price escalation.
Gold prices also rose by ₹350, hitting a new all-time high of ₹81,000 per 10 grams. On the MCX (Multi Commodity Exchange), gold gained ₹300, climbing to ₹78,300 per 10 grams. The bullish momentum continues, driven by investors’ desire to safeguard their wealth against economic and geopolitical risks.
According to Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, the surge in gold prices is primarily due to investors’ growing interest in safe-haven assets like bullion. Global economic uncertainties, geopolitical tensions, and concerns over traditional risk assets are driving demand for precious metals.
Trivedi added that the next resistance levels for gold are expected at ₹78,750- ₹79,000, while support is anticipated in the ₹77,800- ₹78,000 range. Factors such as interest rate developments, global conflicts, and macroeconomic data will play a critical role in shaping the future trajectory of gold prices.
With demand for bullion remaining strong, the outlook for gold and silver prices remains bullish in the near term. Market participants will be closely monitoring global events, as these will continue to impact investor sentiment and the direction of precious metal prices.
