Gold surges over Rs 3,300 in this week, Silver crosses Rs 1.28 lakh mark

New Delhi, Sep 14 (IANS) Gold and silver prices witnessed a sharp rally this week, keeping both precious metals close to their all-time highs.

According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold stands at Rs 1,09,707 per 10 grams, compared to Rs 1,06,338 a week ago -- reflecting a rise of Rs 3,369.

Prices of 22-carat gold have climbed from Rs 97,406 to Rs 1,00,492 per 10 grams, while 18-carat gold has risen from Rs 79,754 to Rs 82,280 per 10 grams.

Silver prices also gained significantly, rising by Rs 4,838 during the review period. The white metal now trades at Rs 1,28,008 per kg, up from Rs 1,23,170.

The rally in precious metals is being attributed to rising global uncertainties. Recent tariff measures imposed by US President Donald Trump on multiple countries have heightened concerns worldwide.

Traditionally seen as safe-haven assets during times of uncertainty, both gold and silver have witnessed higher demand, while limited supply has further pushed prices upward.

Jatin Trivedi of LKP Commodities noted that gold prices have continued their bullish run, driven by increasing expectations of a US Federal Reserve rate cut.

Despite the metal being overbought, ongoing tariff disputes and the global de-dollarization theme are supporting higher prices.

He added that gold is likely to trade between Rs 1.07 lakh and Rs 1.12 lakh per 10 grams in the coming sessions.

Since January 1, gold prices have jumped by 44.04 per cent -- from Rs 76,162 to Rs 1,09,707 per 10 grams -- marking an increase of Rs 33,545.

Silver has seen an even sharper rise of 48.81 per cent, moving from Rs 86,017 to Rs 1,28,008 per kg during the same period.

--IANS

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