Gold And Silver Prices Surge To New Highs Amid Global Tensions

Gold and silver prices witnessed a sharp rise on Monday, extending last week’s rally amid uncertain global geopolitical conditions. Gold surged by Rs 2,000, while silver climbed over Rs 5,000.

According to the Indian Bullion Jewellers Association (IBJA), 24-carat gold closed at Rs 104,493 per 10 grams, up Rs 2,105 from the previous close of Rs 102,388. Silver closed at Rs 122,800 per kg, rising Rs 5,228 from the last session’s Rs 117,572.

Similarly, the 22-carat gold rate rose to Rs 95,716 per 10 grams. The 18-carat gold price settled at Rs 78,370 per 10 grams.

Sandip Raichura, CEO of Retail Broking and Distribution and Director at PL Capital, said, “We have continued our bullish stance on gold for more than two years. This is due to the weakness of the DXY and the rising trend of de-dollarisation, especially after the incumbent US President (Trump) took charge.”

NS Ramaswamy, Head of Commodity Desk and CRM at Ventura, added that Federal Reserve rate cut expectations for 16-17 September have intensified. This followed the US PCE (Personal Consumption Expenditures price index) data, which aligned with forecasts.

Gold prices also gained in the domestic futures market. At 6.22 PM, the MCX October 3 contract traded at Rs 1,04,734 per 10 grams, up 0.88 per cent.

In the international market, Comex gold rose to $3,540.2, up $24 or 0.69 per cent.

“Gold marked an all-time high on Comex. Silver also booked records on the domestic front and touched its highest level since 2011 in COMEX,” said Manav Modi of Motilal Oswal Financial Services Ltd.

He further noted that haven buying, coupled with geopolitical tensions between Israel and Gaza and tariff escalations, continues to support demand for bullion.

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