Precious metals saw a remarkable surge on Friday, with gold and silver reaching unprecedented highs in both domestic and international markets. This rally was driven by strong global cues and ongoing investor demand. On the Multi Commodity Exchange (MCX), gold prices surpassed the Rs 1.39 lakh mark per 10 grams for the first time, while silver marked its fifth consecutive session of increases.
Gold Prices Reach New Heights
Gold futures for February delivery climbed for the fourth consecutive session, rising by Rs 1,119 or 0.81% to achieve a new record of Rs 1,39,216 per 10 grams. This milestone reflects a growing trend in the precious metals market, as investors increasingly turn to gold as a safe haven amid economic uncertainties. The recent surge in gold prices is part of a broader trend in the global market, where bullion prices are rising due to various factors, including inflation concerns and geopolitical tensions.
Silver’s Remarkable Performance
Silver demonstrated impressive growth, with futures for the March 2026 contract soaring by Rs 8,951, or 4%, reaching an all-time high of Rs 2,32,741 per kg. Since December 18, silver has surged by Rs 29,176, translating to an increase of over 14%. This notable performance highlights the growing investor interest in silver, often viewed as a more affordable alternative to gold. The global market mirrored this trend, with silver prices on Comex jumping 3.6% to $74.56 after hitting a peak of $75.14.
Domestic Gold Prices Across Major Cities
In India, gold prices varied across major cities. In Delhi, 24-carat gold was priced at Rs 14,017 per gram, while 22-carat gold stood at Rs 12,850 per gram. Hyderabad reported similar rates, with 24-carat gold at Rs 14,002 per gram. Mumbai’s prices mirrored those of Hyderabad, maintaining consistency across the market. Kolkata also reflected these rates, with 24-carat gold priced at Rs 14,002 per gram. Chennai registered slightly higher prices, with 24-carat gold trading at Rs 14,062 per gram. In Ahmedabad and Bengaluru, prices remained consistent with those in Mumbai and Hyderabad.
Global Market Trends
The global market has also seen a significant uptick in gold prices, with spot gold rising by 0.6% to $4,504.79 per ounce, after reaching a record peak of $4,530.60 earlier in the session. This upward trend in gold prices indicates robust demand for precious metals, driven by various economic factors. Investors are closely monitoring these developments, as fluctuations in gold and silver prices can have far-reaching implications for the global economy. As the market evolves, both gold and silver remain key assets for investors looking to hedge against inflation and economic instability.
Digihunt is not a financial advisor and this is not investment advice.