Silver and Gold Prices Spike Amid Festive Frenzy and Global Unrest

In a significant financial development, silver prices soared to a new high of Rs 1,41,900 per kilogram on Friday, while gold saw a notable increase of Rs 330 in the national capital. This upward trend is attributed to strong festive buying and increased demand from stockists, as reported by the All India Sarafa Association.

The rise in gold, which achieved a peak of Rs 1,17,700 per 10 grams for 99.9% purity, and similar gains for 99.5% purity, reflects a broader trend where gold prices have increased by 49.08% this year, pointing to its role as a safe-haven asset during uncertain times.

Meanwhile, surging silver prices, driven by strong inflows into ETFs and tighter physical availability, reflect robust investor appetite and high demand during the festive season. This ongoing trend of increased prices in domestic bullion markets is maintained by steady buying from jewellers, stockists, and retail consumers.

(With inputs from agencies.)