Amid global economic instability and growing fears of recession, investors turned to gold as a safe-haven asset last week, triggering a sharp surge in both gold and silver prices. According to market sources, pure gold prices rose by ₹2,900 per 10 grams, while silver rates jumped by ₹2,100 per kg over the span of a week.
By Saturday, the price of 10 grams of pure gold touched ₹99,189, inclusive of 3% GST, while 22-carat gold, commonly used in jewellery, was priced at ₹92,288 (including GST).
Gold prices saw consistent gains throughout the week, starting Monday, May 19, with a ₹300 increase. The bullish trend continued with a ₹500 hike on Tuesday and ₹200 on Wednesday, taking the rate to ₹94,500. A major boost came on Thursday with a sharp jump of ₹1,700, pushing rates to ₹96,200. Another ₹400 rise was recorded on Friday. However, the rally cooled off slightly on Saturday, with gold prices dipping by ₹300 to settle at ₹93,400 (excluding GST).
Silver followed a similar upward trajectory, climbing by ₹2,100 per kg over the week. The base price of silver reached ₹98,500, and including 3% GST, the final rate stood at ₹1,01,455.
Market analysts attribute the price surge to increased investor demand driven by volatility in global markets and concerns over inflation. Precious metals, particularly gold, have historically been considered a secure investment during times of financial uncertainty.
Jewelers and bullion traders expect price volatility to continue in the coming weeks, influenced by both international cues and domestic demand.
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