NEW DELHI– Gold and silver surged to fresh record highs this week as investors sought safe-haven assets amid mounting global uncertainty, including U.S. tariff concerns and heightened geopolitical tensions.
Data from the Indian Bullion and Jewellers Association (IBJA) showed 24-carat gold closing at Rs 1,09,707 per 10 grams on Friday, up Rs 1,670 from Monday’s level of Rs 1,08,037. Prices have held firmly above the Rs 1 lakh threshold throughout September, compared with Rs 1,04,075 on September 1.
Similarly, 22-carat gold rose to Rs 1,00,492 per 10 grams at the end of the week, from Rs 98,962 on Monday.
Silver prices followed suit, finishing Friday at Rs 1,28,008 per kilogram, marking a gain of Rs 3,595 from earlier in the week. The white metal has consistently traded above Rs 1.20 lakh this month, reflecting strong investor demand.
On the futures market, gold contracts expiring October 3 settled at Rs 1,09,356 per 10 grams, up 0.34 percent on Friday.
Global factors also reinforced the rally. Comex gold traded at $3,680.7 per ounce, with traders seeking refuge from ongoing economic and political volatility.
Analysts see further upside in the near term, supported by persistent geopolitical risks, a weak economic outlook, and trade-related uncertainty. For Indian investors, the sharp gains highlight bullion’s enduring role as a hedge in turbulent times.
“Gold stayed positive with gains of 0.35 percent at Rs 1,09,350 as Comex traded firm at $3,647, factoring in expectations of a Fed rate cut next week to support the U.S. economy,” said Jateen Trivedi, vice president at LKP Securities.
Despite concerns about overbought conditions, gold continues to command a premium, bolstered by tariff worries and the broader de-dollarization trend. With U.S. inflation data and jobless claims due this week, markets are leaning toward a 50-basis-point cut alongside a dovish Federal Reserve stance. Trivedi expects gold to trade within a range of Rs 1,07,000 to Rs 1,12,000. (Source: IANS)
