Gold Prices Surge by 3000 Rupees, Silver Hits New Record High

The bullion market in the national capital witnessed a significant turnaround on Thursday as gold and silver prices staged a powerful comeback after two consecutive days of decline. The surge was driven by a combination of factors, including a rally in international markets, a weakening US dollar, and a sharp increase in safe-haven demand among investors. According to market reports, gold prices jumped by 3000 rupees per 10 grams, while silver prices reached a new milestone by climbing 5000 rupees per kilogram.

Gold Prices Rebound Sharply

9 percent purity saw its price rise to 1,47,500 rupees per 10 grams, inclusive of all taxes. This marks a substantial recovery from the previous trading session on Wednesday, when the precious metal was priced at 1,44,500 rupees per 10 grams. The 3000 rupee increase reflects the renewed interest of buyers and investors who moved back into the market following the recent price correction. Traders noted that the domestic price movement was closely aligned with the positive cues coming from global commodity exchanges.

Silver Hits New Record High

Silver followed the upward trajectory of gold, maintaining its gaining streak for the third consecutive trading session. On Thursday, silver prices surged by 5000 rupees per kilogram to reach a record level of 2,40,000 rupees per kilogram, including all taxes. In the previous trading session, silver was quoted at 2,35,000 rupees per kilogram. Market participants attributed this rally to strong industrial demand and strong investment interest. The consistent rise in silver prices over the past few days highlights its growing appeal as both an industrial metal and a store of value.

Expert Insights and Global Factors

Market experts pointed out that the direct impact of rising gold and silver prices in foreign markets was felt in the domestic bullion trade. The weakening of the US dollar made gold more attractive to buyers, providing a necessary boost to its valuation. Also, investors turned to gold as a safe-haven asset amid global economic conditions. Saumil Gandhi, Senior Commodities Analyst at HDFC Securities, provided further context on the market sentiment. He stated that the market experienced a sense of relief after the US Federal Reserve signaled a less hawkish stance regarding interest rates than previously expected, while this reduced the immediate fears of aggressive interest rate hikes, thereby supporting the upward movement in gold prices.

International Market Performance

The global market also reflected this bullish trend. 04 dollars per ounce. 3 percent. Analysts believe that if the dollar remains weak and global economic uncertainty persists, the trend of volatility with an upward bias may continue for both gold and silver. Investors are now closely monitoring global economic indicators and the future policy decisions of central banks to determine the next direction for precious metals.