Gold, silver rebound after two-day slump, prices surge in domestic market

After declining for two consecutive days, gold and silver prices rebounded on Friday, bringing relief to traders but raising concerns among buyers in the domestic bullion market.

According to market sources, the price of 24-carat gold rose sharply by Rs 2,890 per 10 grams, taking its rate to Rs 1,56,600 per 10 grams. Similarly, 22-carat gold recorded an increase of Rs 2,650 per 10 grams, with its price reaching Rs 1,43,550 per 10 grams.

Silver prices also witnessed a significant jump. The metal gained Rs 5,000 per kilogram, pushing its price to Rs 2,85,000 per kg. The sudden rise in silver rates has added to the overall volatility in the bullion market.

Market experts attributed the renewed surge in gold and silver prices to global factors, including fluctuations in international bullion rates, geopolitical uncertainties, and the weakening of the rupee against major foreign currencies. Expectations surrounding potential changes in global interest rates have also influenced investor sentiment, leading to increased demand for safe-haven assets such as gold.

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Jewellers expressed concern that the sharp increase in prices could impact retail demand in the coming days, particularly with the wedding season approaching. Meanwhile, traders cautioned that volatility is likely to persist in the bullion market and advised buyers to closely monitor price movements before making major purchases.