New Delhi: Gold prices witnessed a major jump in the national capital’s bullion market on Friday, rising by ₹2,200 to reach ₹1,25,600 per 10 grams for 99.9% pure gold, according to the All India Bullion and Jewellers Association (AIBJA). The surge was driven by renewed buying from wholesale traders and jewellers. On Thursday, gold had closed at ₹1,23,400 per 10 grams.
Silver Prices Drop Sharply
While gold prices surged, silver recorded a sharp decline. Silver rates fell by ₹2,000 to ₹1,53,000 per kilogram (including all taxes), compared to ₹1,55,000 in the previous session.
Global Factors Driving Gold Demand
Market expert Sumil Gandhi said that despite the positive outcome of the recent high-level meeting between U.S. President Donald Trump and Chinese President Xi Jinping, concerns over long-term rivalry between the two major economies continue. This ongoing uncertainty has once again boosted the demand for gold as a safe-haven asset.
Global Market Trends
In the international market spot gold slipped by 0.52% to $4,003.49 per ounce, while silver showed a slight gain trading at $48.97 per ounce.
Experts say the fluctuations in gold prices reflect global economic uncertainty and changes in currency exchange rates.
Gold is often seen as a safe option for investors during uncertain times, which increases its demand. Analysts are keeping an eye on why silver prices have fallen.