Are Gold and Silver Prices Set to Soar? Yellow Metal Approaches Rs 96,000 per 10 Grams
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Synopsis
As geopolitical tensions escalate, gold and silver prices are on the rise, with 24-carat gold nearing Rs 96,000 per 10 grams. Investors are closely watching economic indicators to gauge future price movements.
Key Takeaways
- Gold prices are nearing Rs 96,000 per 10 grams.
- Silver prices have crossed Rs 97,000 per kilogram.
- Investor focus remains on key economic data.
- Geopolitical tensions are driving safe haven buying.
- Predictions suggest gold may reach Rs 99,000 per 10 grams soon.
New Delhi, May 26 (NationPress) Gold and silver prices have been on an upward trajectory this week, driven by ongoing geopolitical uncertainties. The price of 24-carat gold is nearing Rs 96,000 for 10 grams, while silver has surged past Rs 97,000 per kilogram.
The latest updates from the India Bullion Jewelers Association (IBJA) indicate that the cost of 24-carat gold has increased by Rs 342 to reach Rs 95,813 per 10 grams in just the last 24 hours.
In addition, 22-carat gold has risen to Rs 87,765 per 10 grams, while 18-carat gold is now priced at Rs 71,860 per 10 grams.
The price of silver also saw a rise of Rs 488, reaching Rs 97,397 per kilogram. The IBJA releases spot market prices for gold and silver twice daily.
Jatin Trivedi from LKP Securities commented, "Gold is projected to fluctuate between Rs 95,000 and Rs 96,500 in the upcoming sessions. Investors will be monitoring critical economic indicators, including US manufacturing and service PMI data, along with new home sales figures."
Meanwhile, on the international front, gold and silver prices have seen a downturn. Gold has decreased by 1.12 percent, trading at $3,355.55 per ounce, and silver has dropped by 0.26 percent, now at $33.523 per ounce.
This decline is attributed to US President Donald Trump's extension of the trade deal negotiation deadline with the European Union until July 9.
Since January 1, the price of 10 grams of 24-carat gold has surged from Rs 76,162 to Rs 95,813, marking an increase of Rs 19,651 or 25.80 percent. Similarly, silver prices have gone up from Rs 86,017 per kg to Rs 97,397, reflecting a rise of Rs 11,383 or 13.23 percent.
Looking ahead, geopolitical tensions are likely to drive safe-haven buying among global investors, with predictions suggesting the yellow metal could reach $3,500 per ounce internationally, while MCX gold prices may climb towards Rs 99,000 for 10 grams.
Prathamesh Mallya from Angel One remarked that the allure of the yellow metal is expected to intensify in the coming weeks.
Point of View
It is essential to keep a close eye on the fluctuations in gold and silver prices, as they reflect larger economic trends and uncertainties. The current rise signifies investor behavior towards safe-haven assets, a trend that should not be overlooked.
NationPress
21/07/2025
Frequently Asked Questions
What are the current prices of gold and silver in India?
As of May 26, 2023, the price of 24-carat gold is approximately Rs 95,813 per 10 grams, while silver is around Rs 97,397 per kilogram.
Why are gold prices increasing?
Gold prices are rising due to ongoing geopolitical uncertainties, leading investors to seek safe-haven assets.
What factors influence gold and silver prices?
Prices are influenced by market demand, economic data, geopolitical tensions, and international gold prices.
How has the price of gold changed this year?
Since January 1, the price of 10 grams of 24-carat gold has risen by Rs 19,651 or 25.80 percent.
What is the expected trend for gold prices?
Experts suggest that gold may continue to rise, potentially reaching Rs 99,000 per 10 grams in the coming weeks.
