SRINAGAR: Gold prices in India soared to record levels on Monday, with 24-carat gold crossing the Rs 1.5 lakh mark per 10 grams after a sharp rise of Rs 2,450, while silver prices surged by Rs 5,000 per kilogram amid strong global market trends.
According to market data, 24-carat gold rose to Rs 1,51,530 per 10 grams, while the price of 22-carat gold climbed to Rs 1,38,900 per 10 grams. Silver also extended its rally, reaching Rs 2,65,000 per kilogram.
The sharp increase in precious metal prices followed reports that the United States and Iran had reached a preliminary peace agreement that could lead to the reopening of the Strait of Hormuz, a key global oil shipping route. The proposed agreement, expected to be formally signed in Switzerland later this week, triggered a steep fall in global crude oil prices and influenced commodity markets worldwide.
Pure 24-carat gold was trading at Rs 15,153 per gram, while 22-carat gold stood at Rs 13,890 per gram. Eighteen-carat gold also recorded gains, reaching Rs 11,365 per gram.
On the Multi Commodity Exchange (MCX), gold and silver futures posted strong gains. August gold futures rose by more than 1.7 per cent to trade above Rs 1.53 lakh per 10 grams, while July silver futures climbed over 2.6 per cent to cross Rs 2.52 lakh per kilogram.
In international markets, spot gold rose above $4,300 per ounce, supported by a weaker US dollar and expectations that easing geopolitical tensions could reduce inflationary pressures. Analysts said lower oil prices and changing expectations regarding US interest rates have strengthened investor interest in gold.
Market participants are now closely watching the US Federal Reserve’s policy meeting later this week, the first under Chair Kevin Warsh. While the central bank is widely expected to keep interest rates unchanged, investors are awaiting signals on the future direction of monetary policy.
Analysts said volatility in gold and silver prices is likely to continue in the coming days as global markets react to developments surrounding the US-Iran agreement and the Federal Reserve’s policy decision.
