NEW DELHI— Gold and silver prices surged to record levels in the domestic market on Wednesday, driven by steady global trends and a stable Indian rupee.
According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold jumped ₹1,025 to ₹1,00,533 per 10 grams, up from ₹99,508 the previous day. This marks another return above the ₹1 lakh milestone. Meanwhile, silver soared ₹1,357 to reach an all-time high of ₹1,15,850 per kilogram, up from ₹1,14,493 on Tuesday.
Prices of other gold variants also saw strong gains. The rate for 22-carat gold rose from ₹91,149 to ₹92,088 per 10 grams, while 18-carat gold climbed from ₹74,631 to ₹75,400 per 10 grams.
Silver has appreciated more than 34 percent since the beginning of the year, when it was priced at ₹86,055 per kg.
In futures trading, both precious metals continued their upward trajectory. On the Multi Commodity Exchange (MCX), the gold contract for August 5 delivery rose 0.17 percent to ₹1,00,500, while the silver contract for September 5 increased 0.58 percent to ₹1,16,323.
On the global front, trends were mixed. COMEX gold dipped slightly by 0.08 percent to $3,441.10 per ounce, while silver gained 0.52 percent to $39.76 per ounce.
Jateen Trivedi of LKP Securities noted that gold prices are currently range-bound at elevated levels, supported by stable international rates and minimal movement in the rupee. “Gold is trading near ₹1,03,500 on MCX, influenced by COMEX gold, which remains steady around $3,424. The flat rupee has also helped limit domestic price volatility,” he said.
Looking ahead, investors are eyeing key economic data from the United States, including the upcoming Manufacturing and Services PMI reports. In the short term, gold is expected to trade between ₹99,000 and ₹1,01,500 on the MCX, Trivedi added. (Source: IANS)
