New Delhi: Gold and silver prices continued their upward march this week, scaling fresh all-time high as concerns over US tariffs and heightened geopolitical tensions kept safe-haven demand strong.
According to data from the Indian Bullion and Jewellers Association (IBJA), 24-carat gold closed at Rs 1,09,707 per 10 grams on Friday, registering a sharp gain of Rs 1,670 from Monday’s level of Rs 1,08,037. The rally pushed gold prices firmly above the Rs 1 lakh mark throughout September, with rates standing at Rs 1,04,075 on September 1.
Similarly, 22-carat gold prices also surged, ending the week at Rs 1,00,492 per 10 grams, compared to Rs 98,962 at the beginning of the week.
Silver mirrored gold’s bullish momentum. The metal ended the week at Rs 1,28,008 per kilogram, higher by Rs 3,595 from Monday’s Rs 1,24,413. Silver has also maintained its stronghold above the Rs 1.20 lakh level so far this month, underscoring robust investor appetite.
On the futures front, gold contracts with October 3 expiry settled at Rs 1,09,356 per 10 grams on Friday, up 0.34 per cent, reflecting sustained optimism in the bullion market.
Global cues further strengthened the trend. On the international stage, Comex gold traded at $3,680.7 per ounce, extending gains as traders sought refuge in the precious metal amid ongoing economic and political uncertainties.
Analysts suggest the rally could continue in the near term, supported by persistent geopolitical risks, a weak global economic outlook, and lingering tariff concerns. For Indian investors, the sharp rise in gold and silver prices reinforces the role of bullion as a safe-haven asset during times of volatility.
“Gold stayed positive with gains of 0.35 per cent at Rs 1,09,350 as Comex traded firm at $3647, factoring in expectations of a Fed rate cut next week to support the US economy,” said Jateen Trivedi of LKP Securities.
Despite being in overbought territory, gold continues to enjoy a premium driven by tariff uncertainty and the de-dollarisation theme. With US CPI and jobless claims in focus this week, markets are leaning towards a 0.50 per cent cut along with a dovish stance. Gold trend remains positive within a range of Rs 1,07,000-Rs 1,12,000, he added.
IANS
Key takeaways from SEBI’s move to ease IPO, mutual fund, FPI regulations
Mumbai: The Securities and Exchange Board of India (SEBI) has approved several regulatory changes simplifying IPO norms and foreign portfolio investing rules, as well as making entry norms for advisory...
Pfizer, Moderna shares slump as US govt plan to link Covid vaccines to child deaths: Report
Mumbai: Shares of US pharma giants fell over 3 per cent following reports indicating that the US health administration officials intend to associate coronavirus vaccines with the deaths of 25...
DIIs buying, GST reforms support Indian equity market in August amid FIIs’ exodus
New Delhi: Domestic institutional investor (DII) buying, optimism around GST rationalisation, coupled with a resilient Q1 GDP data and rally in automobile stocks has deferred a big correction in the...
US SEC gives exemptive relief for Infosys share buyback
New Delhi: Indian IT giant Infosys has obtained exemptive relief from the US Securities and Exchange Commission for its Rs 18,000 crore buyback, according to its notification to the exchanges....
Nepal’s trade with China grew but India remains largest partner
New Delhi: India’s geographic proximity, long-standing trade treaties, duty-free access for many goods, and seamless land transit routes have made it Nepal’s largest trade partner. By contrast, trade corridors linking...
Big relief for Kashmir apple growers, daily parcel train to Delhi from Sep 13
Srinagar: As a major relief to apple growers, Union Railway Minister Ashwini Vaishnaw on Thursday announced the introduction of a parcel train from Budgam in Kashmir to Adarsh Nagar railway...
Apple ramps up India manufacturing with iPhone 17, eyes record festive season growth
New Delhi: Apple, which is stepping up its manufacturing push in India, has spread iPhone 17 production across five local factories, which will be available in the country from September...
Honda cars India to cut prices by up to Rs 95,500 over GST reforms
New Delhi: Honda Cars India Limited (HCIL) on Tuesday announced that it will pass on the full benefit of the recently announced GST Reforms 2025 to its customers. The revised...
Scindia launches historic UPI–UPU integration at Universal Postal Congress in Dubai
Dubai: India’s Minister for Communications Jyotiraditya Scindia on Tuesday launched the UPI–UPU Integration project at the 28th Universal Postal Congress here, a landmark initiative set to transform cross-border remittances for...
Lexus India slashes car prices by up to Rs 20.8 lakh over GST rate cut
New Delhi: Lexus India on Monday announced big price cuts across all its models after the recent reduction in GST rates. The new prices will come into effect from September...
Gold surges Rs 1,700, silver jumps Rs 1,200 to hit fresh all-time highs
New Delhi: Gold and silver prices witnessed a sharp surge on Monday, with both precious metals touching all-time highs, buoyed by geopolitical uncertainties, including ongoing US tariff concerns. According to...
Hyundai India slashes car prices by up to Rs 2.4 lakh after GST cut, effective Sep 22
New Delhi: Hyundai Motor India on Sunday announced that it will pass on the full benefit of the recent GST reforms to its customers, offering significant price cuts across its...
