Have Silver and Gold Prices Reached New Heights?
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Synopsis
In a remarkable surge, gold and silver prices have reached unprecedented levels on July 23 in New Delhi, with gold surpassing the Rs 1 lakh mark and silver hitting over Rs 1.15 lakh per kg. This article explores the implications of these price increases amidst fluctuating global trends.
Key Takeaways
- Gold surpassed Rs 1 lakh per 10 grams.
- Silver reached a new high of over Rs 1.15 lakh per kg.
- Prices of 22-carat and 18-carat gold also increased significantly.
- Silver prices have risen over 34 percent since January.
- Investors are awaiting key economic data from the US.
New Delhi, July 23 (NationPress) The prices of gold and silver experienced a significant increase on Wednesday, with both precious metals achieving new records in the domestic market, despite varied global indicators.
24-carat gold surpassed the Rs 1 lakh threshold per 10 grams once again, while silver soared to an unprecedented high of over Rs 1.15 lakh per kg.
According to data released by the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold rose by Rs 1,025, moving from Rs 99,508 on Tuesday to Rs 1,00,533 per 10 grams.
In a similar vein, the price of 22-carat gold rose notably to Rs 92,088 per 10 grams from Rs 91,149. The price of 18-carat gold also saw an increase, going from Rs 74,631 to Rs 75,400 per 10 grams.
Silver prices increased by Rs 1,357, from Rs 1,14,493 the previous day to Rs 1,15,850 per kg.
Since January 1 of this year, silver prices have surged over 34 percent, from Rs 86,055 per kg.
In the futures market, both gold and silver maintained their upward trajectory. On the Multi Commodity Exchange (MCX), the gold contract for August 5 was trading 0.17 percent higher at Rs 1,00,500.
The silver contract for September 5 climbed 0.58 percent to Rs 1,16,323.
Globally, trends were mixed. On COMEX, gold prices dipped slightly by 0.08 percent to $3,441.10 an ounce, while silver rose 0.52 percent to $39.76 an ounce.
Experts have noted that domestic gold prices remain stable near record levels, influenced by consistent international gold rates and a stable rupee. On the other hand, silver has shown strong upward momentum both domestically and internationally.
“Gold prices have remained stable near higher levels, with MCX trading close to Rs 1,03,500, influenced by stable COMEX gold prices around $3,424. The rupee's stability has also limited fluctuations in domestic gold prices,” stated Jateen Trivedi of LKP Securities.
Investors are now looking forward to key economic signals from the upcoming US Manufacturing and Services PMI data. In the near term, gold is anticipated to trade within a range of Rs 99,000–Rs 1,01,500 on MCX, according to Trivedi.
Point of View
The recent surge in gold and silver prices highlights a critical moment for investors. While local markets show a robust performance, influenced by stable international prices and economic indicators, it is essential to remain cautious and informed. The volatility in global markets necessitates a strategic approach to investment in precious metals. Nation will continue to provide timely updates and insights as the situation evolves.
NationPress
23/07/2025
Frequently Asked Questions
What caused the recent spike in gold and silver prices?
The surge in gold and silver prices can be attributed to a combination of steady international rates and a stable rupee, along with rising demand in the domestic market.
How much has silver increased in price since January 1?
Since January 1, silver prices have increased by over 34%, rising from Rs 86,055 per kg to current levels.
What are the future trends for gold prices?
Experts predict that gold prices may continue to trade within a range of Rs 99,000 to Rs 1,01,500 in the near term, influenced by economic signals from the US.
Are there any global trends affecting local prices?
Yes, global market trends, including fluctuations in COMEX prices, have a significant impact on local gold and silver prices.
What is the current price of 24-carat gold?
As of July 23, 2023, the price of 24-carat gold is Rs 1,00,533 per 10 grams.
