Gold and silver prices saw a significant surge on Monday, with both metals reaching record highs. In a single day, gold prices soared by Rs 1,300 per 10 grams, while silver jumped by Rs 1,300 per kg. In Delhi, gold was priced at Rs 90,750 per 10 grams, and silver reached Rs 1,02,500 per kg—marking a historic peak.
According to the All-India Sarafa Association, gold prices of 99.9% purity increased for the fourth consecutive day. On Monday, gold rose by Rs 1,300 to Rs 90,750 per 10 grams, continuing its strong bullish trend since the beginning of the year. Silver also witnessed a sharp rise, climbing to Rs 1,02,500 per kg, up from Rs 1,01,200 per kg on Thursday.
Since January 1, gold has seen a remarkable price increase. The price has surged by Rs 11,360 per 10 grams, or 14.31%, from Rs 79,390 per 10 grams to the current Rs 90,750 per 10 grams. Experts attribute this rise to various global economic factors.
Why Are Gold and Silver Prices Rising?
Experts cite multiple reasons behind this record-breaking surge:
- Central Bank Purchases: Increased gold buying by central banks worldwide has fueled demand.
- Global Economic Instability: Ongoing geopolitical tensions and financial uncertainties have pushed investors toward safe-haven assets like gold and silver.
- U.S. Economic Policies: Market volatility has increased due to global trade and economic policies, leading to stronger demand for precious metals.
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International Market Trend
In the international market, spot gold prices rose by $14.48, reaching $2,998.90 per ounce. On Friday, gold crossed the $3,000 per ounce mark for the first time, with Comex gold futures trading at $3,007 per ounce. The highest recorded price was $3,017.10 per ounce on Friday, reflecting the ongoing global demand surge.