The capital News
Vijayawada: Gold prices in India continued their upward trend, with the base price for 10 grams of gold hovering around Rs 71,000. The average price for 10 grams of 24-carat gold stood at approximately Rs 71,280, while 22-carat gold averaged around Rs 65,340. This rise in gold prices occurred amidst a week of fluctuating trends, drawing attention from investors and traders closely monitoring these developments.
Simultaneously, the silver market also experienced an upward trajectory, reaching Rs 83,400 per kilogram in India. Globally, silver prices were at 3-year high, trading at nearly $28 per ounce. In India, silver prices surged to an all-time high, nearing Rs 82,000 per kg. Silver prices witnessed an 11 percent increase week-on-week and a significant 14 percent rise month-on-month.
The surge in precious metal prices, particularly gold, was supported by speculative buying and ongoing geopolitical tensions in the Middle East. This surge overshadowed the positive news of strong US job growth in March. Spot gold rose by 0.6 percent to $2,343.89 per ounce, touching a record high of $2,353.79 earlier in the session. US gold futures also gained by 0.7 percent, reaching $2,361.09.
Despite the bullish trend in gold prices globally, demand for the yellow metal in India remained tepid last week due to a rapid rally in domestic prices, which deterred buyers. However, premiums in top consumer China remained stable.
In addition to gold, silver prices surged by 1.4 percent to $27.85 per ounce globally. Platinum also saw a slight increase of 0.1 percent, reaching $928.11, while palladium gained 0.4 percent, reaching $1,006.88.
