A powerful surge swept through India’s gold market Friday, catapulting 24-carat prices above 1.59 lakh rupees per 10 grams, while silver breached 2.66 lakh per kilogram. The move highlights gold’s status as the ultimate refuge in turbulent times.
The India Bullion and Jewellers Association reported 24-carat gold up 1,075 rupees at 1,59,097 rupees/10g, from 1,58,022 rupees. 22-carat advanced 985 rupees to 1,45,733 rupees, and 18-carat to 1,19,323 rupees. Silver vaulted 6,033 rupees to 2,66,700 rupees/kg versus 2,60,667 rupees.
On MCX, April 2026 gold futures climbed 0.45% to 1,60,435 rupees; May 2026 silver futures soared 2.45% to 2,74,520 rupees. Global benchmarks mirrored the trend: gold at 5,204 dollars/oz (+0.20%), silver at 89.66 dollars/oz (+3.07%).
Analysts point to impasse in Iran-US discussions as the catalyst, spurring demand for precious metals. ‘Investors are hedging aggressively,’ said an expert. Domestic factors like wedding season and rupee fluctuations add fuel to the fire.
As prices hit multi-month highs, jewellers anticipate brisk sales, though high costs may temper retail buying. The rally signals broader economic unease, with gold poised for more gains if tensions persist.