Gold Reaches Rs 1.54 Lakh in Delhi Ahead of Festive Season as Silver Holds Near Rs 2.35 Lakh

Gold prices in Delhi surged by Rs 200 to Rs 1.54 lakh per 10 grams on strong global signals and upcoming festive demand, while silver traded firmly around Rs 2.35 lakh per kg.

Bullion markets in Delhi witnessed a steady surge for the fourth consecutive trading session as gold prices reached a one-and-a-half-month high. Following a subdued performance throughout June and July, precious metals began regaining upward momentum at the start of August. In the national capital, gold prices climbed by Rs 200 to touch Rs 1.54 lakh per 10 grams, driven by positive international cues ahead of the peak wedding and festive buying season. Concurrently, silver maintained its elevated levels, trading near Rs 2.35 lakh per kg, signalling a robust bullish trend across precious metals.

Domestic Rally Driven by Dollar Weakness and Crude Softening
According to bullion traders in Delhi, the domestic market has been strongly influenced by positive foreign market dynamics. A weaker US dollar alongside softening crude oil prices created a favorable backdrop for bullion gains. On Friday, gold extended its winning streak for the fourth straight session, advancing by Rs 200 to close at Rs 1.54 lakh per 10 grams. Meanwhile, silver prices consolidated after a sharp surge in the preceding session, holding steady at Rs 2,34,800 per kg including all taxes. Industry experts observe that this momentum right before the festive period indicates potential for significant price escalation in the coming months.

International Spot Gold and Silver Surge Sharply
The rally was equally prominent in global commodity exchanges, where spot gold advanced by $84.74, or 2 percent, to settle at $4,325.43 per ounce. Global silver experienced an even sharper surge, jumping over 4 percent to reach $64.17 per ounce. Kaynat Chainwala, AVP of Commodity Research at Kotak Securities, highlighted that spot gold in international markets surged close to $4,350 per ounce, while silver gained more than 4 percent to hover around $64 per ounce. Furthermore, Gaurav Garg, Head of Research at Lemon Markets Desk, stated that gold continued its upward progression for the fourth consecutive session, pacing toward its strongest weekly performance since January.

Long-Term Outlook and Future Price Predictions
Looking at the medium to long term outlook for precious metals, commodity analysts suggest that current price movements might be a precursor to a larger multi-year bull run. Commodity expert Anuj Gupta noted that while extreme price spikes might not manifest immediately within this year, the coming years could bring substantial appreciation. Some market reports have even projected that gold could potentially hit Rs 10 lakh per 10 grams by 2030. Reflecting on these long-term estimates, Anuj Gupta remarked that although the Rs 10 lakh target seems distant at present, continuing global geopolitical instability could create conditions where unusual price surges become possible.

What this means for you
Across India: Jewellery buyers preparing for the upcoming festive and wedding season may face higher purchasing costs for gold and silver.

For Investors: Strong global cues and dollar weakness suggest continued momentum in precious metals, potentially benefiting long-term holders.

Questions & Answers

1. What is the current price of 10 grams of gold in Delhi?
Gold prices in Delhi reached Rs 1.54 lakh per 10 grams on Friday after gaining Rs 200.

2. What is the current rate of silver in the bullion market?
Silver prices stood steady at Rs 2,34,800 per kg including all taxes, remaining near the Rs 2.35 lakh per kg mark.

3. What are the primary factors driving the rally in precious metals?
The rise is fueled by strength in international markets, a weaker US dollar, softer crude oil prices, and expected festive demand.

4. How are gold and silver performing in international spot markets?
Global spot gold rose by $84.74 to $4,325.43 per ounce, while international silver jumped over 4 percent to $64.17 per ounce.

5. Could gold prices really reach Rs 10 lakh by 2030?
While some reports project this figure, commodity expert Anuj Gupta notes that it remains distant and contingent on geopolitical developments.

https://trendkia.com/en/market/tyohari-sijana-se-pahale-delhi-sarapha-bajara-men-sona-1-54-lakha-rupaye-pahuncha-chandi-2-35-lakha-ke-pasa-14858
TrendKia — Har trend, sabse pehle.