: Gold and silver prices have witnessed a significant rise in the Indian bullion market. The price of 24-carat gold has crossed Rs 1.54 lakh per 10 grams, while 22-carat gold is trading at around Rs 1.44 lakh per 10 grams.
Gold Prices in Major Cities Today
| City | 24-Carat Gold (10g) | 22-Carat Gold (10g) |
|---|---|---|
| Delhi | Rs 1,54,580 | Rs 1,44,850 |
| Mumbai | Rs 1,54,430 | Rs 1,44,350 |
| Bengaluru | Rs 1,54,420 | Rs 1,44,300 |
| Chennai | Rs 1,54,430 | Rs 1,41,560 |
Silver Prices Also Surge
Silver prices have also recorded an upward movement. The average retail price of silver is around Rs 2,50,100 per kilogram.
On Friday, silver futures prices rose by 1.25 per cent amid a strong trend in global markets. On the Multi Commodity Exchange (MCX), silver contracts for December delivery gained Rs 27, or 1.25 per cent, to reach Rs 2,41,183 per kilogram.
According to a report, market analysts attributed the rise in silver futures to strong domestic market sentiment and fresh buying by traders.
Typically, when demand remains strong in the domestic spot market, traders on commodity exchanges such as MCX begin taking fresh positions in anticipation of further price gains. This provides direct support to futures prices.
In the international market, silver prices in New York also rose to $66.78 per ounce.
Why Are Gold Prices Rising?
The ongoing tensions in the Middle East, recent attacks on oil refineries and pipelines, and tariff-related uncertainties globally have increased concerns in financial markets.
During periods of heightened uncertainty and risk, investors often turn to gold as a safe-haven asset. Increased demand for the precious metal can consequently support higher prices.
Another major factor supporting gold prices globally is continued buying by central banks. Central banks in countries including India and China have been increasing their gold holdings as part of efforts to diversify their foreign exchange reserves and reduce dependence on the US dollar.
This sustained central-bank demand, along with geopolitical and economic uncertainties, is contributing to the upward movement in gold prices.