Editor’s Note
This article highlights the sharp rise in gold and silver prices in India, driven by seasonal demand and market momentum. The surge presents a dual impact, straining consumer budgets during the wedding season while offering potential gains for investors.
Gold and silver prices have once again gained strong momentum in the Indian bullion market today. Amid the wedding season, this surge is impacting the pockets of common consumers while proving to be a profitable period for investors. With the start of the week, a significant increase in the prices of precious metals was recorded as soon as the markets opened.
On Monday, gold prices strengthened by nearly Rs 2,200 per 10 grams. Meanwhile, silver prices also saw a massive jump, becoming more expensive by over Rs 12,000 per kilogram. This rally has broken records of the past several months.
On the Multi Commodity Exchange (MCX), silver reached around Rs 2.62 lakh per kilogram in morning trading with a sharp gain. Meanwhile, gold also traded stronger compared to the previous trading session, seen trading at nearly Rs 1.57 lakh per 10 grams. In terms of carat, 22-carat gold reached about Rs 1.44 lakh, while 18-carat gold reached approximately Rs 1.17 lakh per 10 grams.
According to experts, several domestic and international factors are behind the surge in gold and silver prices. Due to the weakness of the dollar in the global market and geopolitical tensions, investors are moving away from the stock market towards safe investment options. Gold and silver are directly benefiting from this.
In addition, the wedding season is currently ongoing in the country, which has increased the demand for jewelry. Prices in the domestic market are moving upwards due to rising demand and limited supply.