New Delhi witnessed a dramatic rally in precious metals on Wednesday, with gold and silver prices skyrocketing to new heights. The India Bullion and Jewellers Association (IBJA) reported a staggering surge, marking one of the most significant single-day gains in recent memory.
Silver led the charge, jumping an astonishing 18,497 rupees to reach 282,462 rupees per kilogram. This follows a volatile period where prices had plummeted sharply just days earlier. Gold wasn’t far behind, with 24-carat gold climbing 5,096 rupees to 156,625 rupees per 10 grams. Previously trading at 151,529 rupees, the yellow metal’s rebound signals strong investor confidence.
Lower purity variants also posted impressive gains. 22-carat gold rose from 138,801 rupees to 143,469 rupees per 10 grams, while 18-carat gold advanced from 113,647 rupees to 117,469 rupees per 10 grams. This broad-based rally across categories underscores the robust demand persisting in the market.
The upswing comes after a brutal sell-off last Friday, triggered by profit-booking. Gold had tumbled over 11 percent, and silver more than 31 percent, shaking investor sentiment. However, spot markets and the Multi Commodity Exchange (MCX) both reflected the recovery, with gold’s April 2026 contract up 1.98 percent at 156,850 rupees and silver’s March 2026 contract surging 5.59 percent to 282,993 rupees.
Global cues played a pivotal role. On Comex, gold rose 1.85 percent to 5,029 dollars per ounce, while silver soared 8.25 percent to 90 dollars per ounce. Market experts attribute the momentum to escalating global uncertainties and robust industrial demand for silver.
‘Investors are flocking back to safe-haven assets amid geopolitical tensions,’ noted a veteran trader. Upcoming US economic data will be crucial in determining the sustainability of this rally. For now, jewellers and investors alike are bracing for continued volatility in the precious metals space.