India’s bullion market ended the week on a high note, with gold appreciating by more than 2,300 rupees per 10 grams and silver surging past 2.50 lakh rupees per kilogram. The India Bullion Jewellers Association reported 24-carat gold at 1,55,066 rupees per 10 grams, compared to 1,52,765 rupees a week prior.
Parallel gains were seen across categories: 22-carat gold at 1,42,040 rupees from 1,39,933 rupees, and 18-carat at 1,16,300 rupees up from 1,14,574 rupees per 10 grams. Silver posted a robust 7,881 rupees gain per kilogram, closing at 2,50,314 rupees versus 2,42,433 rupees last week.
Spot trading highlighted the week’s volatility, peaking on February 20 with gold at 1,55,066 rupees per 10 grams and silver at 2,50,314 rupees per kilogram. Lows were touched on February 17: 1,51,195 rupees for gold and 2,32,955 rupees for silver.
On the international front, gold rose to 5,080.90 dollars per ounce from 5,046.30 dollars, and silver to 82.343 dollars from 77.96 dollars per ounce. Rising US-Iran conflicts are fueling this flight to quality, as traders seek refuge in gold and silver.
For the economy at large, these developments impact everything from jewellery manufacturing to investment strategies. With inflation concerns lingering, precious metals continue to shine as hedges. Market participants anticipate steady demand, potentially propelling prices even higher in the coming weeks.