Gold and Silver Prices Surge: Gold Hits ₹81,300, Silver at ₹94,000
Gold prices surged ₹500 on Thursday, reaching a two-month high of ₹81,300 per 10 grams in the national capital. This rise comes amid increased buying activity from jewellers and retailers, coupled with the rupee's depreciation against the US dollar, as reported by the All India Sarafa Association.
Gold of 99.5% purity also climbed ₹500 to ₹80,900 per 10 grams, compared to the previous session’s ₹80,400. Meanwhile, silver recorded a significant jump, soaring ₹2,300 to ₹94,000 per kg from ₹91,700 per kg on Wednesday.
In the futures market, February gold contracts rose ₹297 (0.38%) to ₹79,007 per 10 grams on the Multi Commodity Exchange (MCX). Silver contracts for March delivery appreciated ₹654 (0.7%) to ₹93,510 per kg on the MCX.
Factors Driving the Rally
Jateen Trivedi, VP Research Analyst at LKP Securities, attributed the rise in gold prices to rupee depreciation and global trends. The rupee weakened by 16 paise, closing at 86.56 against the US dollar, pressured by elevated crude oil prices and foreign fund outflows.
Globally, Comex gold futures climbed $19.70 (0.72%) to $2,737.50 per ounce, supported by softer US core Consumer Price Index (CPI) data. Lower-than-expected inflation readings have bolstered expectations of continued rate cuts by the Federal Reserve, fueling gold's momentum.
Silver also performed well in global markets, with Comex silver futures trading 1.28% higher at $31.94 per ounce during Asian market hours.
Future Outlook
According to Renisha Chainani, Head of Research at Augmont, the outlook for gold remains optimistic. Potential catalysts include inflationary pressures stemming from proposed economic policies, such as tax cuts and higher tariffs.
HDFC Securities’ Senior Analyst Saumil Gandhi emphasized the importance of upcoming US macroeconomic data, including retail sales and the Philadelphia Fed Manufacturing Index, which could provide further direction for bullion prices.
As gold and silver continue their upward trajectory, investors and market participants are keeping a close watch on global economic trends and domestic market movements.
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