New Delhi: Gold and silver prices jumped sharply today, reaching all-time highs on the Multi Commodity Exchange (MCX). Both metals saw over one percent gains, as investors rushed to buy them as safe-haven assets amid rising global uncertainty.
On MCX, gold October futures reached Rs 1,05,937 per 10 grams, while silver December futures touched Rs 1,24,369 per kg.
Current Market Rates
As of 2 PM today:
- Gold was trading at Rs 1,05,019 per 10 grams, up by Rs 1,195 (1.15 percent).
- Silver was trading at Rs 1,22,749 per kg, rising by Rs 2,378.
Last Friday also saw a strong upward trend:
- Gold closed at Rs 1,03,824 per 10 grams (up 1.69 percent)
- Silver ended at Rs 1,21,873 per kg (up 2.72 percent)
Why Are Prices Rising So Fast?
Several reasons are pushing gold and silver prices higher:
Higher US Tariffs on India: After the US, under Trump’s advisers, imposed higher trade tariffs on Indian goods, global uncertainty increased.
Weak Indian Rupee: The rupee has weakened against the US dollar, making imported gold and silver more expensive in India.
Safe-Haven Buying: Investors are turning to gold and silver to protect their money as they are seen as safer investments in uncertain times.
Fed Rate Cut Hopes: There’s a chance that the US Federal Reserve may cut interest rates, which usually supports gold and silver prices.
Dollar Index and Global Concerns
Today, the Dollar Index was around 97.72. A weaker dollar generally supports commodity prices. Due to global tensions and financial uncertainty, especially linked to US tariffs and India’s currency, gold and silver are likely to stay volatile this week.
What to Expect Next?
According to experts, prices may continue to fluctuate this week. Global and domestic factors—like the US tariff policy, rupee weakness, and dollar movement—will decide where prices head next.
