Why Are Gold and Silver Prices Skyrocketing This Week?
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Synopsis
Discover the dramatic rise in gold and silver prices this week, with silver surpassing a historic threshold of Rs 1.10 lakh per kg. Uncover the factors driving this surge and what it means for investors in uncertain global markets.
Key Takeaways
- Gold prices have seen a significant rise this week.
- Silver has surpassed Rs 1.10 lakh per kg for the first time.
- Global uncertainties are driving demand for precious metals.
- Investors are turning to gold and silver as safe-haven assets.
- The price of 24-carat gold has increased by 28.03% this year.
New Delhi, July 13 (NationPress) This week, both gold and silver experienced significant increases, with gold appreciating by over Rs 400 and silver soaring by more than Rs 2,700 per kilogram. According to the India Bullion and Jewellers Association (IBJA), the value of 24-carat gold rose to Rs 97,511 per 10 grams, a jump from Rs 97,021 last week -- a total gain of Rs 490.
Gold had already seen an upturn of Rs 1,237 per 10 grams in the prior week. The rate for 22-carat gold increased to Rs 89,320 per 10 grams, up from Rs 88,871.
During the same timeframe, 18-carat gold climbed from Rs 72,766 to Rs 73,133 per 10 grams.
In addition, silver also experienced a notable rise, gaining Rs 2,710 to reach Rs 1,10,290 per kilogram, up from Rs 1,07,580 last week. This is the first instance where silver has surpassed Rs 1.10 lakh per kg on a weekly basis, approaching all-time high prices.
The recent surge in precious metals is attributed to global uncertainties. The announcement by US President Donald Trump regarding tariffs on significant trade partners, including Canada and Europe, has increased tensions in global markets.
Traditionally, gold and silver are regarded as safe-haven assets during periods of geopolitical and economic instability. Demand increases in the face of limited supply, leading to price surges.
Since the start of this year, 24-carat gold has escalated by Rs 21,349 or 28.03 percent, rising from Rs 76,162 to Rs 97,511 per 10 grams. Likewise, silver has risen by Rs 24,273 or 28.21 percent, from Rs 86,017 to Rs 1,10,290 per kilogram.
This is now the highest price silver has ever achieved, surpassing the previous record of Rs 1,09,550 per kg set on June 18 this year. The ongoing increases in both gold and silver are seen as a reaction to escalating global uncertainties.
Point of View
I affirm that the recent increases in gold and silver prices reflect a broader trend of market volatility and uncertainty. Investors are increasingly turning to these precious metals as safe havens, and this trend is expected to continue in the face of ongoing geopolitical tensions. Our commitment remains to provide accurate and timely coverage of significant economic developments.
NationPress
13/07/2025
Frequently Asked Questions
What caused the recent rise in gold and silver prices?
The surge in gold and silver prices is largely attributed to global uncertainties and geopolitical tensions, especially regarding tariffs announced by the US government.
How much have gold and silver prices increased this year?
Since January 1, 2023, 24-carat gold has risen by Rs 21,349 (28.03%), while silver has increased by Rs 24,273 (28.21%).
What is the current price of gold?
As of this week, the price of 24-carat gold is Rs 97,511 per 10 grams.
Is silver now more expensive than it has ever been?
Yes, silver has reached a record price of Rs 1,10,290 per kilogram this week.
Why are gold and silver considered safe-haven assets?
Gold and silver are viewed as safe-haven assets during times of economic and geopolitical instability, leading to increased demand when uncertainty rises.
