Precious metals experienced a massive upward rally this week, recording significant price hikes across domestic and international markets. According to the India Bullion Jewellers Association (IBJA), gold prices jumped by more than ₹8,000 per 10 grams, while silver surged by over ₹12,000 per kilogram.
Sharp Increase in Domestic Gold and Silver Rates
The price of 24-carat gold increased by ₹8,257 over the week, reaching ₹1,60,620 per 10 grams, up from its previous rate of ₹1,52,363 per 10 grams.
22-Carat Gold: Prices rose to ₹1,47,128 per 10 grams, compared to ₹1,39,565 earlier.
18-Carat Gold: Rates climbed to ₹1,20,465 per 10 grams, up from ₹1,14,272 previously.
Silver Prices: Silver saw an even sharper upward movement, surging by ₹12,788 to hit ₹2,46,630 per kg, compared to the previous rate of ₹2,33,842 per kg.
Market tracking records showed that gold hit its weekly low of ₹1,52,884 per 10 grams on August 19 morning and peaked at ₹1,60,620 per 10 grams on August 21 evening. Similarly, silver ranged from a low of ₹2,27,392 per kg to a high of ₹2,46,630 per kg during the same sessions.
Global Market Trends and Safe-Haven Demand
The bullish momentum was mirrored globally, with international gold prices reaching $4,600 per ounce and silver trading close to $69 per ounce.
Market experts attribute this sustained surge to a decline in global bond yields and a strong resurgence in safe-haven demand, encouraging investors to channel capital into precious metals amidst shifting economic conditions.
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