Global tensions pushed gold and silver prices sharply higher this week, while investors now await the U.S. Federal Reserve’s interest rate decision for the next market trigger.
Highlights
- Gold gained ₹2,622 per 10 grams this week.
- Silver surged ₹6,974 per kg during the week.
- Global uncertainty and the U.S.-Iran conflict boosted safe-haven demand.
- 24-carat gold reached ₹1,43,781 per 10 grams.
- Silver climbed to ₹2,22,721 per kg.
- U.S. Fed’s upcoming rate decision could determine the next price trend.
Gold and silver prices witnessed a strong rally this week as rising geopolitical tensions and global uncertainty drove investors towards safe-haven assets. According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold increased by ₹2,622 during the week to ₹1,43,781 per 10 grams, compared with ₹1,41,159 at the beginning of the week.
Other gold categories also recorded sharp gains. 22-carat gold rose to ₹1,31,703 per 10 grams, while 18-carat gold climbed to ₹1,07,836 per 10 grams.
Gold prices remained volatile throughout the week. The lowest level was recorded on July 20 at ₹1,41,915 per 10 grams, while the highest price touched ₹1,45,557 per 10 grams on July 23.
Silver also posted an impressive weekly gain. The metal rose by ₹6,974 per kg, taking its price to ₹2,22,721 per kg, up from ₹2,15,747 per kg at the start of the week. During the week, silver touched a high of ₹2,26,238 per kg and a low of ₹2,19,556 per kg.
In the international market, gold was trading near $4,055 per ounce, while silver was around $58 per ounce.
Market experts say that increasing geopolitical risks, particularly tensions involving the United States and Iran, have strengthened demand for precious metals. Investors generally move towards gold and silver during periods of uncertainty, making them preferred safe-haven investments.
Looking ahead, analysts believe that the U.S. Federal Reserve’s upcoming interest rate decision will be the key factor influencing the next movement in gold and silver prices. Any indication of future rate cuts or policy changes could significantly impact global bullion markets.
