Mumbai’s bullion markets witnessed a dramatic rally on Friday, with gold prices soaring beyond 1.59 lakh rupees per 10 grams for the first time in recent sessions. Silver followed suit, crossing 2.66 lakh rupees per kilogram, signaling strong investor appetite amid global uncertainties.
According to the India Bullion and Jewellers Association (IBJA), 24-carat gold jumped by 1,075 rupees to settle at 1,59,097 rupees per 10 grams, up from the previous close of 1,58,022 rupees. The 22-carat variant climbed 985 rupees to 1,45,733 rupees, while 18-carat gold rose to 1,19,323 rupees per 10 grams from 1,18,517 rupees.
Silver prices skyrocketed by 6,033 rupees, reaching 2,66,700 rupees per kilogram, compared to 2,60,667 rupees earlier. This surge extended to futures trading on the Multi Commodity Exchange (MCX), where gold for April 2026 gained 0.45% to 1,60,435 rupees, and silver for May 2026 surged 2.45% to 2,74,520 rupees.
Internationally, spot gold advanced 0.20% to 5,204 dollars per ounce, while silver leaped 3.07% to 89.66 dollars per ounce. Market experts attribute this rally to stalled negotiations between Iran and the United States, prompting investors to flock to safe-haven assets like gold and silver.
The precious metals rally comes at a time when geopolitical tensions are escalating, reinforcing gold’s role as a hedge against uncertainty. Domestic demand remains robust, with jewellers and investors stocking up ahead of potential further gains. As global markets brace for more volatility, analysts predict sustained upward pressure on prices in the coming days.