Mumbai’s bullion markets have witnessed a spectacular rally this week, with 24-karat gold smashing through the 1.54 lakh rupees per 10 grams barrier for the first time. According to the India Bullion and Jewellers Association (IBJA), the price leaped by a staggering 12,717 rupees, closing at 1,54,310 rupees per 10 grams from last week’s 1,41,593 rupees.
Lower purity variants followed suit. 22-karat gold climbed to 1,41,348 rupees per 10 grams, up from 1,29,699 rupees, while 18-karat gold reached 1,15,733 rupees from 1,06,195 rupees. But the real shocker came from silver, which skyrocketed by 35,815 rupees to 3,17,705 rupees per kilogram, eclipsing the previous level of 2,81,890 rupees.
This domestic frenzy mirrors global chaos. Internationally, gold rocketed from 4,600 dollars per ounce to an all-time high of 5,017 dollars, while silver shattered records by crossing 100 dollars per ounce for the first time, ending at 101 dollars from 89 dollars.
Experts attribute the surge to escalating global uncertainties fueled by US tariff policies, driving investors into safe-haven assets like gold and silver. Silver’s outperformance stems from acute supply shortages amid booming industrial demand. The metal’s critical role in solar panels, electric vehicles, and electronics has created a perfect storm of demand outstripping supply.
As markets brace for more volatility, jewellers warn of sustained high prices. Investors are rushing to lock in positions, but analysts caution that this rally could extend further if geopolitical tensions persist. For consumers, wedding season buyers face a painful reality check on budgets.