Gold Touches Rs 1.23 Lakh per 10g; Silver Jumps to Record Rs 1.57 Lakh/kg in Delhi

Gold prices in the national capital soared to a fresh record on Monday, with standard gold (99.9% purity) climbing Rs 2,700 to settle at Rs 1,23,300 per 10 grams, up from Rs1,20,600 on Friday. Silver followed suit, rising ₹7,400 to an all-time high of Rs 1,57,400 per kilogram, according to the All India Sarafa Association.

Bullion traders attributed the sharp rise to strong safe-haven buying as investors turned cautious amid persistent inflation worries, global economic uncertainty, and a weakening rupee.

“Gold continues to attract demand as a hedge against volatility,” said a Delhi-based bullion dealer, adding, “Despite high prices, festive season buying remains strong, especially in physical markets.”

Internationally, spot gold hovered near US $3,950 an ounce, while silver also gained, tracking firm global trends. Analysts noted that softening bond yields and expectations of a dovish stance by major central banks have added to the bullish sentiment in precious metals.

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Market experts said the uptrend may continue in the near term, although a bout of profit-taking could cause temporary corrections. For Indian consumers, the rally adds a glittering edge to the festive season but also raises the cost of jewellery purchases.

Meanwhile, Gold remains Goldman Sachs' "highest-conviction long commodity," with analysts citing strong private and institutional demand, rising equity traded fund (ETF) holdings, and central bank purchases as key drivers of the rally that has lifted the metal nearly 47 per cent to around USD 3,865 per ounce.

According to the latest Precious Comment report from Goldman Sachs' Commodities Research, gold has broken out of its earlier range of USD 3,200-3,450 per ounce, rallying 14 per cent since August 26.