Gold and Silver Prices Hit Record Highs: Gold Crosses ₹1.05 Lakh, Silver Nears ₹1.23 Lakh per Kg
Gold and Silver Prices Hit Record Highs: Gold Crosses ₹1.05 Lakh, Silver Nears ₹1.23 Lakh per Kg
India’s bullion market witnessed an unprecedented surge as gold prices crossed ₹1.05 lakh per 10 grams for the first time, while silver soared to ₹1.23 lakh per kg. According to the India Bullion and Jewellers Association (IBJA), gold prices on September 1 jumped by ₹2,404, reaching ₹1,04,792 per 10 grams, up from ₹1,02,388. Silver also saw a massive rise of ₹5,678, touching ₹1,23,250 per kg from ₹1,17,572 earlier.
Why Are Gold and Silver Prices Rising?
Analysts attribute the surge to multiple global factors including:
- Weakness in the US dollar
- Expectations of an interest rate cut by the US Federal Reserve in September
- Geopolitical tensions triggered by the Trump tariff ruling
- Rising demand for safe-haven assets amid global uncertainties
Market experts predict gold could touch ₹1.08 lakh per 10 grams by year-end, while silver might reach ₹1.30 lakh per kg. Since January 2025, gold prices have surged by ₹28,630 and silver by ₹37,233.
Gold Rates in Major Cities
- Delhi: 24K – ₹1,06,030 | 22K – ₹97,200
- Mumbai: 24K – ₹1,05,880 | 22K – ₹97,050
- Kolkata: 24K – ₹1,05,880 | 22K – ₹97,050
- Chennai: 24K – ₹1,05,880 | 22K – ₹97,050
Global Developments Driving Prices
A recent US Federal Appeals Court ruling against former President Donald Trump’s high tariff policy has created market uncertainty. While the tariffs remain in effect until October 14 pending a Supreme Court appeal, the dollar weakened, prompting investors to shift toward gold. Additionally, geopolitical tensions, currency fluctuations, and heavy gold buying by countries like China and Russia are pushing prices higher.
What Lies Ahead for Precious Metals?
With ongoing Russia-Ukraine conflict, global economic volatility, and safe-haven demand, bullion prices are expected to remain on an upward trend in the near term.
Disclaimer: The following article is for informational purposes only. It does not constitute financial advice. Investors should consult certified experts before making investment decisions.
