Editor’s Note
This article highlights a significant surge in precious metal prices, particularly silver, driven by global market trends and currency fluctuations. The data reflects local market conditions at the time of reporting.
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Driven by a strong global trend and a weaker dollar, silver prices in the national capital’s bullion market surged over six percent on Monday to ₹2.72 lakh per kilogram, while gold rose nearly one percent to ₹1.58 lakh per 10 grams.
According to local traders, silver jumped by ₹17,000, or 6.66 percent, from Friday’s closing price of ₹2,55,000 per kg to ₹2,72,000 per kg (all taxes included). Additionally, gold of 99.9 percent purity increased by ₹1,300, or 0.83 percent, to ₹1,58,500 per 10 grams (all taxes included). It had closed at ₹1,57,200 per 10 grams in the previous session.
He said that broad global macroeconomic uncertainty and President Donald Trump’s frequent and unpredictable rhetoric on geopolitical and tariff-related issues boost demand for precious metals as a safe-haven investment asset.
In the international market, spot silver rose by $2.19, or 2.81 percent, to $80.21 per ounce, while gold was trading up one percent at $5,012.94 per ounce.
Gandhi from HDFC Securities said investor sentiment in precious metals was further boosted by weekend data from China, which showed that the People’s Bank of China continued its gold purchases for the 15th consecutive month in January despite high prices.
On the data front, traders are awaiting the US monthly employment data (Nonfarm Payrolls and Unemployment Rate) to be released on Wednesday. Gandhi said that in addition, the US inflation data to be released on Friday will also be closely watched, as both these data points could play a key role in determining the direction of the dollar and providing new cues for precious metals.
