Gold & Silver Prices: Global markets are once again in turmoil. Former US President Donald Trump’s threat to impose 100% tariffs on Chinese goods has reignited fears of a trade war. Amid this uncertainty, investors have once again flocked to traditional “safe havens”: gold and silver. As a result, gold prices saw a sharp surge on Saturday.
Silver Shines from Mumbai to Madurai
This international shock had a direct impact on Indian markets. In the Mumbai bullion market, 24-carat gold reached ₹123,700 per 10 grams. Meanwhile, 22-carat gold, a favorite among ordinary buyers, was priced at ₹113,390 per 10 grams. Buyers should note that these rates exclude GST and making charges, which are added to the final payment. Silver also contributed to this rally, reaching ₹174,100 per kilogram.
Similar impact seen from Delhi to Bangalore
This surge wasn’t limited to Mumbai. Gold prices skyrocketed across the country. In the capital Delhi and Jaipur, 22-carat gold opened at Rs 1,13,540 and 24-carat gold at Rs 1,23,850 per 10 grams. Meanwhile, in major South Indian cities like Chennai, Bangalore, Hyderabad, and Kolkata, as well as the western city of Pune, 22-carat gold reached Rs 1,13,390 and 24-carat gold reached Rs 1,23,700 per 10 grams. In Ahmedabad, prices were recorded at Rs 1,13,440 and Rs 1,23,750, respectively.
Global markets also stirred
This surge in India mirrored global trends. In the international market, gold jumped 1.03 percent to $4,018.4 per ounce. Silver also gained 1.94 percent, reaching $50 per ounce. Market experts believe that Trump’s actions have revived fears of a global economic recession, leading investors to shift from riskier assets to safer options like gold.
Debate on Silver’s Future Also Heated
Future projections for silver are also under discussion. According to a recent report by MK Wealth Management, silver prices could rise by up to 20 percent over the next year, taking it to $60 per ounce. This is attributed to rising industrial demand and a persistent supply shortage. Gold has outperformed traditional investments like the Nifty and bonds so far this year, further increasing investor interest. Consequently, it appears that the future could prove even brighter for gold and silver investors.