New Delhi, Aug 31: Both gold and silver witnessed a notable rise in prices this week. Gold prices increased by more than Rs 3,000, while silver jumped over Rs 3,600.

According to the India Bullion and Jewellers Association (IBJA), the price of 10 grams of 24-carat gold is now Rs 1,02,388, up from Rs 99,358 on the same day last week -- reflecting a Rs 3,030 increase.

The price of 22-carat gold rose to Rs 93,787 per 10 grams from Rs 91,012, and 18-carat gold increased from Rs 74,519 to Rs 76,791 per 10 grams.

During the same period, silver prices surged by Rs 3,666 to Rs 1,17,572 per kilogram, compared to Rs 1,13,906 previously.

The rise in gold and silver is being attributed to global uncertainty. Actions such as tariffs imposed by US President Donald Trump on several countries have heightened instability at the international level.

Gold and silver are considered safe-haven assets during periods of global uncertainty. Increased demand combined with limited supply has contributed to the recent price surge.

Experts say that September will be a crucial month for both metals, with investors closely watching the US Federal Reserve’s upcoming meeting regarding potential interest rate cuts. Any reduction in interest rates could support gold prices.

Since January 1, the price of 10 grams of 24-carat gold has risen from Rs 76,162 to Rs 1,02,388, a gain of Rs 26,226 or 34.43 per cent.

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Similarly, silver has increased from Rs 86,017 per kilogram to Rs 1,17,572, up Rs 31,555 or 36.68 per cent.

Meanwhile, in the previous week, the precious metals’ price was edged lower in the domestic market.

Gold prices dropped by more than Rs 600 per 10 grams, while silver slipped by over Rs 1,000 per kilogram in the last week.

(IANS)

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