Gold and Silver Prices Surge: Silver Rockets ₹17,000 in a Day, Gold Also Gains

New Delhi: Precious metals witnessed a sharp rise in prices in Delhi’s Sarafa market on Monday, driven by a strong global trend and a weakening US dollar. Silver prices surged over 6% to reach ₹2.72 lakh per kilogram, while gold climbed nearly 1% to ₹1.58 lakh per 10 grams.

Local Market Trends

According to local traders, silver jumped ₹17,000 from Friday’s closing rate of ₹2.55 lakh per kilogram to hit ₹2.72 lakh per kilogram (inclusive of all taxes). Meanwhile, 99.9% pure gold rose ₹1,300, or 0.83%, to ₹1,58,500 per 10 grams from Friday’s ₹1,57,200.

Saumil Gandhi, Senior Commodity Analyst at HDFC Securities, said the rally was fueled by a dip in the US dollar and increased buying by speculators. “The dollar index fell nearly 0.30% to 97, supporting gold and silver prices. Global economic uncertainty and geopolitical statements from US President Donald Trump have also driven demand for safe-haven assets,” he explained.

International Markets

Globally, silver rose 2.81% to $80.21 per ounce, while gold gained 1% to trade at $5,012.94 per ounce. Investor sentiment received further support from China, where the People’s Bank of China continued buying gold for the 15th consecutive month in January, despite already high prices.

What’s Next for Gold and Silver?

Traders are now closely watching upcoming US economic data, including the monthly employment report (nonfarm payrolls and unemployment rate) due on Wednesday. Additionally, next Friday’s US inflation data will also be closely monitored. These figures are expected to influence the direction of the US dollar and provide fresh cues for precious metal prices.