New Delhi, Oct 4 (NationPress) The prices of Indian bullion have displayed a bullish trend this week, reaching all-time highs due to ongoing uncertainties stemming from the U.S. government shutdown, tariff issues, and challenging global geopolitical situations. On Monday, the price of 24-carat gold (10 grams) opened at Rs 1,15,454, before climbing to a record Rs 1,17,332 by Thursday, as per data from the India Bullion and Jewellers Association (IBJA).

Although gold prices dipped slightly on Friday, closing the week at Rs 1,16,954 per 10 grams, they still marked an increase of Rs 1,500 compared to the start of the week.

In parallel, silver prices mirrored the performance of gold, finishing at Rs 1,45,610 per kg, a rise of Rs 1,223 from Rs 1,44,387 on Monday.

According to Jateen Trivedi from LKP Securities, “Considering the robust price movements in recent sessions, significant fluctuations could occur. Key support levels are at Rs 1,16,500 and $3,840, while resistance is identified at Rs 1,18,500 and $3,900.”

Overall, gold maintains a bullish outlook, yet volatility is expected to remain high around upcoming data releases, Trivedi added.

In the domestic futures market, precious metals have also seen an increase. On the Multi-Commodity Exchange (MCX), the gold contract due on December 5 concluded the week at Rs 1,18,100 per 10 grams, while the silver contract for the same expiration date closed at Rs 1,45,599 per kg.

Analysts note that gold prices continue to benefit from significant central bank acquisitions and ongoing investments in ETFs driven by uncertainties in the global trading environment.

Notably, gold and silver have outperformed Indian equities for the fourth consecutive Diwali-to-Diwali cycle, showcasing a trend where gold has surpassed equities in seven of the past eight years.