New Delhi, July 20 Both gold and silver prices witnessed strong gains this week as global uncertainty pushed investors towards safe-haven assets.
Gold prices rose by more than Rs 700 per 10 grams, while silver surged over Rs 5,100 per kilogram.
According to data from the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold climbed to Rs 98,243 per 10 grams, up from Rs 97,511 a week ago -- an increase of Rs 732.
The price of 22-carat gold also moved up from Rs 89,320 to Rs 89,991 per 10 grams.
Meanwhile, 18-carat gold saw a slight jump, rising from Rs 73,133 to Rs 73,682 per 10 grams during the same period.
Silver prices saw a sharper rise. The white metal gained Rs 5,120 during the review period, taking it from Rs 1,07,580 to Rs 1,12,700 per kilogram.
Silver continues to hover near its all-time high of Rs 1,13,867 per kilogram, which was recorded on July 14.
Analysts attribute the price rally to rising global uncertainty. Recent tariff announcements by US President Donald Trump on several countries have added to geopolitical and economic tensions worldwide.
Pranav Mer, Vice President, EBG - Commodity and Currency Research, JM Financial Services, said that in the week ahead, focus will remain on the trade negotiation outcome, Fed official speeches, US macro data, including housing market, weekly initial claims, and durable goods orders.
"Gold prices are seen consolidating in a range over the past couple of weeks amid a lack of fresh triggers and recovery in the US Dollar in the given period," Mer said.
Gold and silver are traditionally considered safe assets during times of instability. As uncertainty grows, so does demand for these metals, while supply remains relatively tight -- driving prices higher.
Since the beginning of the year, the price of 24-carat gold has jumped from Rs 76,162 to Rs 98,243 per 10 grams -- marking a rise of Rs 22,081 or nearly 29 per cent.
Silver has performed even better, rising by Rs 26,683 or 31 per cent -- from Rs 86,017 to Rs 1,12,700 per kilogram.
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