New Delhi: Gold and silver prices rose sharply in the domestic market this week, following strong gains in global bullion markets. Both precious metals moved closer to record highs, driven by rising global demand, supply concerns, and safe-haven buying by investors.
According to data from the India Bullion and Jewellers Association (IBJA), the price of 24-karat gold jumped by Rs 4,188 to Rs 1,32,710 per 10 grams, compared to Rs 1,28,592 a week earlier. This sharp rise has caught the attention of both investors and buyers ahead of the festive and wedding season.
Other gold categories also saw a strong increase. The price of 22-karat gold rose to Rs 1,21,562 per 10 grams from Rs 1,17,777 last week. Meanwhile, 18-karat gold increased to Rs 99,533 per 10 grams, up from Rs 96,444.
Silver, however, outperformed gold during the week. Prices of the white metal surged by nearly Rs 17,000 per kilogram. As per IBJA data, silver climbed to Rs 1,95,180 per kilogram, compared to Rs 1,78,210 a week ago.
On Friday, silver touched the Rs 2 lakh mark for the first time ever in intraday trade on the Multi Commodity Exchange (MCX). It hit an all-time high of Rs 2,01,388 per kilogram before easing slightly. The silver futures contract expiring on March 5, 2026, gained over Rs 2,400 during the session and later settled at Rs 2,00,462 per kilogram.
Gold futures also saw strong buying interest. The February 5 gold futures contract rose 1.87 per cent to close at Rs 1,34,948 per 10 grams on MCX. In the retail market, gold prices jumped by over Rs 4,600 in a single day, reflecting the sharp momentum.
Market experts say the rally is supported by strong global trends. Silver prices have surged due to rising industrial demand from sectors such as solar power, electric vehicles, and electronics, along with tight global supply. Gold, on the other hand, continues to benefit from steady buying by central banks and investors looking for safety amid geopolitical tensions and inflation concerns.
Internationally, gold was trading near record levels at $4,328 per ounce on COMEX, while silver was around $62 per ounce. The strength in global prices has directly pushed domestic bullion prices higher.
