Daijiworld Media Network - New Delhi
New Delhi, Jul 23: Gold and silver prices soared to new highs in the domestic market on Wednesday, buoyed by steady international trends and a stable rupee. While 24-carat gold once again breached the Rs 1 lakh mark per 10 grams, silver surged to an all-time high of over Rs 1.15 lakh per kilogram.
According to the India Bullion and Jewellers Association (IBJA):
• 24-carat gold jumped by Rs 1,025, reaching Rs 1,00,533 per 10 grams, up from Rs 99,508 on Tuesday.
• 22-carat gold rose to Rs 92,088, up from Rs 91,149 per 10 grams.
• 18-carat gold gained Rs 769 to hit Rs 75,400 per 10 grams.
• Silver climbed by Rs 1,357, reaching Rs 1,15,850 per kg, a rise of over 34% since January 1, when it stood at Rs 86,055.
In the futures market, the trend was equally bullish:
• On the Multi Commodity Exchange (MCX), August gold contracts traded at Rs 1,00,500, up 0.17%.
• September silver contracts advanced 0.58% to Rs 1,16,323.
Globally, however, movements were mixed. On COMEX,
• Gold slipped slightly by 0.08% to $3,441.10 an ounce
• Silver continued to rally, rising 0.52% to $39.76 an ounce
Analysts attribute the domestic surge to a combination of factors: steady global prices, a stable Indian rupee, and investor demand for precious metals amid economic uncertainty.
“Gold is trading in a tight range near record levels, guided by stable international cues and a flat rupee, which has kept domestic prices resilient,” said Jateen Trivedi, VP Research Analyst at LKP Securities. Silver, he added, continues to exhibit strong momentum both globally and domestically.
Looking ahead, market participants are awaiting critical economic indicators, including the US Manufacturing and Services PMI data. In the near term, gold is expected to trade between Rs 99,000 and Rs 1,01,500 on the MCX, Trivedi noted.
With investors increasingly turning to precious metals as a safe haven, especially amid global economic uncertainties, both gold and silver are expected to remain in focus in the coming weeks.