New Delhi: In a dramatic weekly turnaround, gold prices have skyrocketed by more than ₹3,000 per 10 grams, while silver has plummeted nearly ₹21,000 per kilogram. According to the India Bullion and Jewellers Association (IBJA), 24-carat gold now stands at ₹1,52,078 per 10 grams, up from ₹1,48,697 on February 1.
The rally extended to other variants too. 22-carat gold climbed from ₹1,36,206 to ₹1,39,303 per 10 grams, and 18-carat gold rose from ₹1,11,523 to ₹1,14,059 per 10 grams. This surge reflects volatile trading amid global uncertainties.
Silver, however, told a different story. Prices crashed from ₹2,65,751 per kg to ₹2,44,929 per kg, marking a steep decline of ₹20,822. Spot market fluctuations were stark: 24-carat gold hit a high of ₹1,58,158 on February 4 and a low of ₹1,42,270 on February 2. Per kilogram, it peaked at ₹2,82,462 and bottomed at ₹2,36,496.
International markets mirrored the chaos. On Comex, gold closed at $4,979.80 per ounce, down from above $5,000, while silver settled at $76.89 per ounce. Experts attribute gold’s strength to safe-haven demand amid economic jitters.
Looking ahead, market watchers say upcoming US non-farm payrolls and unemployment data will dictate gold’s trajectory. Short-term, it may trade in a narrow band. Investors are advised to monitor these releases closely as they could trigger further volatility in domestic bullion markets.
This mixed performance underscores the unpredictable nature of precious metals, influenced by everything from geopolitical tensions to currency movements. For jewellery buyers and investors, timing remains critical in this fluctuating landscape.