Silver prices touched a record high in the Mumbai jewellery market today, while gold prices also saw recovery after recent setbacks. The sharp movement was influenced by positive cues from global markets, rising import costs, a strong dollar, and a weak rupee.
Silver Close to Historic Mark
In Ahmedabad, silver prices rose by INR 500 per kg, touching INR 107,500. In the Mumbai bullion market, silver went from INR 109,100 to INR 109,550, and finally settled at INR 109,412 per kg (excluding GST).
Globally, silver prices per ounce moved upward from $36.90 to $37.05, with buying momentum strong due to economic and geopolitical factors.
Gold Rebounds from Previous Fall
Gold also regained strength. In Ahmedabad, the price for 995 purity gold rose by INR 400, touching INR 102,100 per 10 grams, while 999 purity gold stood at INR 102,400.
In Mumbai, gold prices, excluding GST, were:
- 995 purity: INR 99,056 and INR 98,750
- 999 purity: INR 99,454
With GST, gold and silver were 3% costlier.
In the global market, gold per ounce remained between $3370 and $3400, with stable trading around $3388 to $3389.
Global Commodities on the Rise
- Platinum increased from $1265–$1266 to $1305 per ounce
- Palladium rose to $1056–$1057, up from $1046–$1047
- Copper prices gained 0.61% globally
- Brent crude oil surged from $74.50 to $77 per barrel, while US crude also jumped to $75.25 as the Iran-Israel conflict escalated
Experts say rising geopolitical tension and a falling rupee are driving prices in precious metals and energy sectors. Domestic crude oil futures also moved past the 200-day moving average, indicating continued bullishness.
