NEW DELHI— Silver prices soared to a record high on Friday, while gold also rebounded, ending its recent losing streak. The surge in precious metals comes amid renewed trade tariff tensions between the U.S. and countries like Canada and Brazil.
Silver jumped by ₹2,356 to hit an all-time high of ₹1,10,290 per kilogram, up from ₹1,07,934 the previous day. This surpasses the earlier record of ₹1,09,550 per kg set on June 18.
Apurva Sheth, Head of Market Perspectives and Research at SAMCO Securities, said silver is positioned for a continued rally. “Silver is forming a cup-and-handle pattern on intraday charts and is already in short supply,” she noted.
“If the U.S. or other nations impose new tariffs on silver, or worse, ban exports—as China has done with rare earth minerals—it could send silver prices skyrocketing,” Sheth warned. “It’s no longer a question of whether you should own silver, but how much you should own.”
Meanwhile, gold prices also gained momentum. According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold rose by ₹465 to ₹97,511 per 10 grams, up from ₹97,046 on Thursday.
Prices for 22-carat gold climbed to ₹89,320 per 10 grams, compared to ₹88,894 the previous day, while 18-carat gold increased to ₹73,133 per 10 grams from ₹72,785.
“Gold remained firm as renewed tariff worries supported safe-haven demand,” said Jateen Trivedi, VP and Research Analyst at LKP Securities. “With the U.S. imposing new tariffs on Canada and Brazil, markets are beginning to price in the potential fallout from renewed trade tensions. That uncertainty has once again shifted sentiment in favor of gold, especially after recent price corrections following Middle East de-escalation.”
The rally in precious metals mirrors global trends. Internationally, gold was trading 1.01% higher at $3,358 per ounce, while silver was up 2.92% at $38.40 per ounce.
As of 5:44 p.m., the gold futures contract expiring on August 5 was trading at ₹97,582 per 10 grams—an increase of ₹891 from the previous close of ₹96,691. (Source: IANS)
