Gold and silver prices witnessed a significant jump today, hitting record highs in the domestic market. At market opening, silver surged by ₹25,000, while gold gained nearly ₹3,700, reflecting strong demand for safe-haven assets amid global geopolitical tensions.
Market Update – MCX Trading
New Delhi: In early trading on the Multi Commodity Exchange (MCX), March 5 silver futures reached a record high of ₹3,59,800 per kilogram, up nearly 7% from the previous session’s close of ₹3,34,699. Silver opened at ₹3,39,824 and traded between ₹3,39,824 and ₹3,59,800. By 10:15 AM, silver was trading at ₹3,56,602 per kilogram, up ₹21,903 or 6.54% from the previous close. Internationally, spot silver also jumped over 6% to a record $117.69 per ounce.
Gold February 5 futures similarly hit an all-time high of ₹1,59,820 per 10 grams. The previous session had closed at ₹1,56,037, and today gold opened at ₹1,58,674. In early trading, prices ranged from ₹1,57,500 to ₹1,59,820. By 10:18 AM, gold was trading at ₹1,58,055 per 10 grams, up ₹2,018 or 1.29%.
Reasons Behind the Surge
The sharp rise in gold and silver prices is largely driven by increased safe-haven demand amid geopolitical tensions. On Monday, U.S. President Donald Trump announced 25% tariffs on cars, lumber, and pharmaceuticals imported from South Korea, citing failure to finalize a trade deal. Earlier, tensions had also risen with Canada following Prime Minister Mark Carney’s visit to China, impacting U.S.-Canada relations.
City-wise Gold Rates Today
- Delhi: Standard Gold (22K) ₹1,18,632 per 8g | Pure Gold (24K) ₹1,27,976 per 8g
- Mumbai: Standard Gold (22K) ₹1,17,728 per 8g | Pure Gold (24K) ₹1,26,944 per 8g
- Chennai: Standard Gold (22K) ₹1,17,352 per 8g | Pure Gold (24K) ₹1,26,544 per 8g
- Hyderabad: Standard Gold (22K) ₹1,17,600 per 8g | Pure Gold (24K) ₹1,26,824 per 8g
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