New Delhi saw a dramatic rally in precious metals on Monday, with gold and silver prices soaring to new heights. The India Bullion and Jewellers Association (IBJA) reported that silver prices skyrocketed by Rs 8,736 per kg, reaching Rs 2,53,665 per kg from Rs 2,44,929 per kg on Friday. Gold followed suit, with 24-carat gold climbing Rs 2,798 to Rs 1,54,876 per 10 grams, up from Rs 1,52,078.
22-carat gold advanced to Rs 1,41,866 per 10 grams from Rs 1,39,303, while 18-carat gold rose to Rs 1,16,157 per 10 grams from Rs 1,14,059. This surge wasn’t confined to spot markets; the Multi Commodity Exchange (MCX) also witnessed sharp gains. Gold futures for April 2026 rose 0.68% to Rs 1,56,510, and silver futures for March 2026 jumped 1.42% to Rs 2,53,452.
Global markets echoed the bullish trend. On Comex, gold gained 0.82% to $5,020 per ounce, and silver surged 2.55% to $78 per ounce. Experts attribute this rally to a mix of factors, including renewed investor interest amid economic uncertainties.
Akshat Garg, Research and Product Head at Choice Wealth, noted the volatility in silver but urged investors to stay calm. ‘Silver is inherently volatile, and short-term dips don’t alter its long-term bullish outlook,’ he said. Dollar strength and easing global tensions have pressured prices recently, but the fundamentals remain strong.
For jewellers and investors, this spike signals a potential trend reversal. Retail demand could intensify ahead of festive seasons, pushing prices even higher. Market watchers advise monitoring international cues closely as trading volumes pick up.