In a stunning rally that’s captivating investors across India, gold prices have edged perilously close to their all-time peak, while silver has shattered barriers by crossing the ₹2.42 lakh per kg mark once again. This surge comes amid escalating global uncertainties, making precious metals the go-to safe havens for savvy portfolios.
Market watchers in Mumbai’s bustling bullion exchanges report gold trading at ₹77,500 for 10 grams in the domestic spot market, just shy of the historic ₹78,000 level touched earlier this year. The yellow metal’s relentless climb is fueled by a weakening rupee against the dollar, persistent inflation fears, and geopolitical tensions in the Middle East that show no signs of abating.
Silver, often the more volatile sibling, has outpaced gold with a dramatic 3% jump in a single day. At ₹2.43 lakh per kg, it reflects robust industrial demand from solar panel manufacturers and electronics giants, coupled with speculative buying. ‘Investors are piling in as equity markets wobble,’ noted Rajesh Khanna, a veteran trader at Zaveri Bazaar. ‘This isn’t just hedging; it’s a bet on prolonged economic turbulence.’
Looking ahead, analysts from Kotak Commodities predict gold could breach its record within the week if US Federal Reserve signals delay rate cuts. Silver’s momentum, they say, hinges on China’s stimulus measures boosting green energy sectors. For retail buyers, timing remains crucial—festive season demand in India could propel prices even higher.
As central banks worldwide stockpile gold reserves—Russia and China leading the charge—the question lingers: Is this the start of a new bull run, or a fleeting spike? One thing’s certain: Precious metals are shining brighter than ever in uncertain times.