Gold prices surged by ₹400 on Monday, reaching a new all-time high of ₹85,300 per 10 grams in the national capital, driven by strong demand from jewellers and stockists, according to the All-India Sarafa Association. The price rise was further fueled by a weaker rupee and bullish trends in global markets.
As of Saturday, 99.9% pure gold was valued at ₹84,900 per 10 grams, while 99.5% purity gold continued its upward trend for the fourth consecutive session, climbing by ₹400 to ₹84,900 per 10 grams. The yellow metal had closed at ₹84,500 per 10 grams in the previous session.
Silver also followed suit, gaining ₹300 to reach ₹96,000 per kilogram, up from ₹95,700 per kg in the last trading session.
Rupee Depreciation and Market Sentiment
On Monday, the Indian rupee fell by 55 paise, hitting a record low of ₹87.17 (provisional) against the US dollar. Market analysts attributed this decline to global uncertainty following the imposition of tariffs on Canada, Mexico, and China by the Trump administration.
Gold and Silver Futures See Gains
In futures trading on MCX, gold contracts for April delivery rose by ₹461 (0.56%) to ₹82,765 per 10 grams. According to Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, the surge in MCX gold prices was driven by investor concerns over a potential “Trade War 2.0,” increasing demand for gold as a safe-haven asset.
On Saturday, gold futures for April delivery had already witnessed a sharp rise of ₹1,127, reaching ₹83,360 per 10 grams, coinciding with the presentation of the Union Budget 2025-26 by Finance Minister Nirmala Sitharaman. Silver futures for March delivery also climbed by ₹436 (0.47%) to ₹93,650 per kg.
International Gold and Silver Market Trends
Globally, Comex gold futures slipped by $7.50 (0.26%) to $2,827.50 per ounce. According to Saumil Gandhi, Senior Commodities Analyst at HDFC Securities, gold started the week on a weaker note due to a stronger US dollar and profit-booking by investors. The dollar reached a three-week high following President Donald Trump’s tariff announcements over the weekend.
Last Friday, gold futures for April had hit a record high of $2,862.90 per ounce in international markets. Meanwhile, Comex silver futures were trading 0.50% lower at $32.10 per ounce during Asian market hours.
Key Data to Watch This Week
This week is crucial for commodities as major US economic indicators—including JOLTs job openings, ISM services, ADP employment, and non-farm payroll data—are set for release. These reports will provide direction for bullion prices, according to Praveen Singh, Associate VP, Fundamental Currencies and Commodities at Mirae Asset Sharekhan.
