Gold prices in the Indian bullion market staged a robust recovery on Thursday, snapping a recent losing trend. Rates climbed sharply across 24-karat, 22-karat, and 18-karat purity levels, impacting buyers and investors nationwide. Meanwhile, silver prices held completely firm without any variation from previous levels.
24-Karat Gold Rate Breakdown
The highest purity gold category, 24-karat (24K), registered an increase of Rs 333 per gram on Thursday. Following this gain, the price of 24K gold rose to Rs 15,535 per gram. Across various standard quantities, the revised rates stand as follows
- 1 Gram: Rose by Rs 333 to reach Rs 15,535.
- 8 Grams: Advanced by Rs 2,664 to settle at Rs 1,24,280.
- 10 Grams: Gained Rs 3,330 to stand at Rs 1,55,350.
- 100 Grams: Increased by Rs 33,300 to reach Rs 15,53,500.
22-Karat and 18-Karat Gold Rates
Jewelry-grade 22-karat (22K) gold also witnessed significant upward momentum. Prices surged by Rs 305 per gram, bringing the new rate to Rs 14,240 per gram. The breakdown for 22K gold weights includes
- 1 Gram: Up by Rs 305 to Rs 14,240.
- 8 Grams: Increased by Rs 2,440 to Rs 1,13,920.
- 10 Grams: Rose by Rs 3,050 to Rs 1,42,400.
- 100 Grams: Climbed by Rs 30,500 to Rs 14,24,000.
Similarly, 18-karat (18K) gold gained Rs 249 per gram, establishing a new level of Rs 11,651 per gram. Quantity breakdown for 18K gold is as follows
- 1 Gram: Up Rs 249 to Rs 11,651.
- 8 Grams: Gained Rs 1,992 to hit Rs 93,208.
- 10 Grams: Increased by Rs 2,490 to Rs 1,16,510.
- 100 Grams: Jumped Rs 24,900 to reach Rs 11,65,100.
Silver Prices Maintain Stability
In contrast to the rally in gold, silver prices remained unchanged on Thursday. The industrial and precious metal traded steady at Rs 250 per gram. Consequently, the price for 1 kilogram of silver stood at Rs 2,50,000, offering stability to industrial users and retail buyers.
Global Geopolitical Factors and Expert Insights
International developments and geopolitical shifts continue to exert heavy influence on precious metal prices. Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd. and President of the India Bullion and Jewellers Association Ltd., outlined the primary catalysts behind recent price movements.
"Gold dropped to a three-week low Wednesday as escalating U.S.-Iran tensions pushed oil prices higher, stoking inflation and rate-hike concerns ahead of key U.S. jobs data."
Kothari detailed how silver had also declined sharply to trade near $63 amid expectations of Federal Reserve interest rate hikes. The major military escalation involving U.S. airstrikes on Iran and subsequent retaliation from Tehran triggered a three-day rally in crude oil prices while driving U.S. Treasury yields higher. These compounding global forces are creating heightened volatility across international and domestic bullion markets.
