New Delhi’s bullion markets witnessed a dramatic rally this week, with gold prices soaring by more than ₹4,000 per 10 grams and silver climbing nearly ₹16,400 per kilogram. According to the India Bullion and Jewellers Association (IBJA), 24-carat gold now stands at ₹1,59,097 per 10 grams, up from ₹1,55,066 last week—a sharp increase of ₹4,031.
Lower purities followed suit. 22-carat gold hit ₹1,45,733 per 10 grams from ₹1,42,040, while 18-carat rose to ₹1,19,323 from ₹1,16,300. Silver’s ascent was even more striking, reaching ₹2,66,700 per kilogram compared to ₹2,50,314 a week ago, marking a ₹16,386 jump.
Spot market highs underscored the volatility. Gold peaked at ₹1,59,823 on February 25 before dipping to a low of ₹1,58,022 the next day. Silver touched ₹2,69,367 on the same day, with a trough at ₹2,60,667 on February 26.
Global trends mirrored the domestic surge. Gold traded at $5,247.90 per ounce, up from $5,080.90, while silver reached $93.291 from $82.343. Escalating tensions between the United States and Iran have fueled this rally, positioning precious metals as safe-haven assets amid geopolitical uncertainty.
Investors are closely watching these developments, as sustained global pressures could push prices even higher. For jewelers and buyers, this week’s spike signals a challenging period ahead, with traditional wedding seasons looming large. Market experts advise caution, recommending diversified portfolios to hedge against further fluctuations.