Gold, silver prices surge this week; silver crosses Rs 1.10 lakh per kg

New Delhi, July 13 (IANS) Both gold and silver prices saw a sharp rise this week, with gold gaining over Rs 400 and silver surging by more than Rs 2,700 per kilogram.

According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold climbed to Rs 97,511 per 10 grams, up from Rs 97,021 a week ago -- a gain of Rs 490.

In the previous week, gold had already seen an increase of Rs 1,237 per 10 grams. The price of 22-carat gold rose to Rs 89,320 per 10 grams, up from Rs 88,871.

Meanwhile, 18-carat gold went up from Rs 72,766 to Rs 73,133 per 10 grams during the same period.

Silver also saw a steep rise, gaining Rs 2,710 to reach Rs 1,10,290 per kilogram, up from Rs 1,07,580 last week.

This marks the first time silver has closed above Rs 1.10 lakh per kg on a weekly basis, with prices hovering near record highs.

The recent surge in precious metals is being attributed to global uncertainty. The announcement by US President Donald Trump regarding tariffs on key trade partners like Canada, Europe, and other countries has contributed to the rising tension in global markets.

Gold and silver are traditionally seen as safe-haven assets during times of geopolitical and economic instability. When demand rises amid limited supply, prices tend to increase.

Since January 1 this year, the price of 24-carat gold has jumped by Rs 21,349 or 28.03 per cent, rising from Rs 76,162 to Rs 97,511 per 10 grams.

Similarly, silver has gone up by Rs 24,273 or 28.21 per cent, from Rs 86,017 to Rs 1,10,290 per kilogram.

This is now the highest price silver has ever reached. The previous record was Rs 1,09,550 per kg, which was set on June 18 this year.

The rise in both gold and silver is being seen as a response to growing global uncertainty.

--IANS

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