New Delhi: With the price of gold witnessing a climbdown after hitting from record highs, it has come as a godsend for families gearing up for ‘Big Fat Indian Weddings’ amid the ongoing marriage season. Gold price, which has hit a record peak earlier this month at a staggering ₹1.66 lakh per 10 grams, has finally witnessed a climb down.
What are gold, silver prices today?
Today is proving to be a day of relief for gold and silver investors. While yesterday—dubbed “Black Thursday”—witnessed turmoil in the market, today, Friday, has seen a recovery in the prices of precious metals. In the Indian bullion market today, the price of 24-carat gold has reached the level of ₹147,660 per 10 grams. This marks an increase of ₹2,737 compared to yesterday. Gold rates remain just slightly below the ₹1.5 lakh mark, which could prove to be an excellent opportunity for buyers.
What about silver price?
Silver prices have witnessed the most significant surge today. Currently, silver is trading at ₹237,678 per kilogram—an increase of ₹6,387 compared to yesterday. On January 29, silver had touched a high of ₹4.20 lakhs; compared to that peak, it is currently still available at a discount of approximately ₹1.80 lakhs per kilogram, a factor expected to boost industrial demand.
Why the Market Rally?
Following yesterday’s historic slump, investors engaged in aggressive buying at lower levels today, thereby providing support to prices. Meanwhile, ongoing tensions in the Gulf region and signals from the US Federal Reserve regarding potential interest rate cuts have once again bolstered the demand for gold as a “safe-haven” asset. Furthermore, the volatility of the Indian Rupee against the US Dollar continues to be a primary driver behind the elevated prices of gold and silver in the domestic market.
Market experts believe that as long as conflict-like conditions persist in West Asia, similar fluctuations in gold and silver prices are likely to continue. For long-term investors, this could be an opportune time to “buy on dips”—that is, to purchase during price corrections.
