Gold witnesses a notable rise of Rs 1,857, and silver jumps by Rs 2,636 within a week

NEW-DELHI: As the festive season approaches, gold and silver prices have taken a notable upward trajectory, reflecting an increased demand for precious metals in the market. In the span of just one week, gold became more expensive by Rs 1,857, while silver saw a significant spike of Rs 2,636. These price hikes were reported by the India Bullion and Jewels Association, underlining a heightened interest in precious metals among buyers.

As of the latest data from the Association, the price of 24-carat gold surged from Rs 56,539 to Rs 58,396 per 10 grams, showcasing a rapid escalation. In parallel, the price of silver surged from Rs 67,095 to Rs 69,731 per kilogram, further highlighting the bullish trend in the precious metals market.

The International market witnessed a substantial surge in gold prices, marking the most significant increase in seven months. Gold experienced a 3 percent rise, reaching $1,886.40 per ounce (approximately Rs 55,385 per 10 grams) on Friday.

Market analysts attribute this global increase in gold prices to two primary factors. First, there is a sentiment in the market that the previously anticipated rise in interest rates in the United States may stall. This perception acts as a positive indicator for gold, often considered a safe-haven investment. Secondly, the ongoing conflicts, such as the Israel-Palestine war, coupled with a decrease in bond yield and a pause in the rise of the dollar, have encouraged increased investment in gold. These market dynamics suggest a trend of heightened interest in gold, making it a focal point for investors and buyers alike as they gear up for the upcoming festive season.