NEW DELHI— Gold prices in India have soared by a staggering 200 percent over the past six years, climbing from ₹30,000 to over ₹1,00,000 per 10 grams between May 2019 and June 2025, according to analysts. The rally reflects a broader trend fueled by global uncertainty, inflation, and geopolitical tensions.
Motilal Oswal Financial Services Limited (MOFSL) reaffirmed its bullish long-term outlook on gold amid continued geopolitical instability.
“Periods of heightened market uncertainty in recent years — driven by inflation, global economic shifts, and political unrest — have provided strong upward momentum for gold prices,” MOFSL said in a note.
“We’ve been fortunate to participate in the gold uptrend since 2019. While we maintain our bullish view, we’re taking a cautious pause in July 2025 without stepping away entirely,” said Manav Modi, Analyst of Precious Metals Research at MOFSL.
Modi added that while normal price fluctuations are expected, further gains beyond current record highs will require “fresh and significant catalysts.” Until such triggers emerge, the market may enter a consolidation phase.
Both gold and silver prices saw significant gains on Monday, the first trading day of the week. Silver once again crossed the ₹1.13 lakh per kilogram mark, while 24-carat gold rose by more than ₹650.
On July 14, silver hit a record high of ₹1,13,867 per kg.
According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold increased by ₹653 to ₹98,896 per 10 grams, up from ₹98,243 last Friday.
Similarly, 22-carat gold rose from ₹89,991 to ₹90,589 per 10 grams, while 18-carat gold increased from ₹73,682 to ₹74,172 per 10 grams.
Silver also saw strong gains, climbing ₹765 from the previous session to ₹1,13,465 per kg.
The upward trend was reflected in the futures market as well. The August 5, 2025, gold contract on the Multi Commodity Exchange (MCX) rose 0.67 percent to ₹98,685 per 10 grams, while the September 5, 2025, silver contract climbed 0.93 percent to ₹1,14,001 per kg.
Globally, precious metals continued to gain traction. On the Comex exchange, silver rose 1.16 percent to $38.91 per ounce, while gold increased 0.71 percent to $3,382.10 per ounce. (Source: IANS)
