In a stunning market turnaround, India’s gold market roared back on Wednesday as 24-carat gold for 10 grams surpassed 1.57 lakh rupees. Data from the India Bullion and Jewellers Association shows a 1,067-rupee increase to 1,57,322 rupees per 10 grams, reversing from 1,56,255 rupees.
The bullish wave hit all segments. 22-carat gold per 10 grams moved up to 1,44,107 rupees from 1,43,130 rupees, and 18-carat gained ground to 1,17,992 rupees from 1,17,191 rupees. Silver prices erupted even more dramatically, adding 7,349 rupees to reach 2,66,449 rupees per kilogram, well above Tuesday’s 2,59,100 rupees.
MCX futures amplified the surge: April 2026 gold contracts climbed 0.94% to 1,58,284 rupees, and March 2026 silver vaulted 3.91% to 2,62,435 rupees. Spot trading echoed these gains nationwide.
Overseas, Comex spot gold rose 1.10% to 5,086 dollars an ounce, with silver posting a 4.35% gain to 83 dollars. LKP Securities’ Jatin Trivedi observed MCX gold’s 1,700-rupee rally as evidence of strategic builds ahead of US labor statistics.
Key technicals point to support at 1,55,000 rupees for gold, resistance spanning 1,60,000-1,62,000 rupees. This episode highlights how macroeconomic previews and global risk aversion drive precious metals, advising caution for buyers eyeing wedding season peaks amid fluctuating yields.