Gold Surges by Rs 280, Silver Rises by Rs 300 in Market Rally

Gold prices in the national capital witnessed a substantial surge, climbing by Rs 280 to reach Rs 64,200 per 10 grams on Tuesday, propelled by robust global cues and the depreciation of the Indian rupee, as reported by HDFC Securities. In the previous session, the precious metal had closed at Rs 63,920 per 10 grams, while silver also experienced an uptick, rising by Rs 300 to Rs 78,800 per kilogram.

Dilip Parmar, a research analyst at HDFC Securities, attributed the escalation in domestic gold prices to the weakening rupee and the strengthened international gold market. This bullish trend was evident as the February contract of gold in futures trade on the MCX surged by Rs 208 to Rs 63,528 per 10 grams, while the March contract of silver rallied by Rs 405 to Rs 74,795 per kilogram on the exchange.

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Across international markets, both gold and silver were trading higher, with gold quoted at USD 2,073 per ounce and silver at USD 24 per ounce. The positive trajectory in global prices further fueled the upward momentum observed in India’s domestic bullion market.

The notable surge in gold prices in the Indian market was predominantly influenced by the combined effect of strong global signals and the rupee’s depreciation, prompting a substantial increase in both gold and silver rates across futures and spot markets. The ongoing market dynamics continue to foster an optimistic environment for precious metal enthusiasts and investors eyeing the bullion trade.