Gold prices soar ₹3,000 to ₹1.30 lakh/10gm, silver prices jump to ₹1.69 lakh per kg; details here

Gold prices (24K, 99.9% purity) jumped ₹3,000 on Thursday, surpassing the ₹1.3 lakh/10 gram mark in the national capital, to ₹1,30,900 per 10 gram due to firm global cues and a weak dollar. Traders said that the end of the US government's shutdown also supported the appeal of the safe-haven asset, a PTI report noted.

The precious metal of 99.5% purity extended its gains for the third straight day, jumping ₹3,000 to ₹1,30,300 per 10 gram after closing at ₹1,27,300 per 10 gram on Wednesday. 

Meanwhile, silver prices skyrocketed ₹7,700 to ₹1,69,000 per kg on Thursday after settling at ₹1,61,300 per kg on Wednesday. In the last two sessions, silver has added ₹13,240 per kg. 

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.20% lower at 99.30, after the Trump administration passed the bill to end a 43-day record government shutdown. The announcement to end the government shutdown supported bullion prices.

Futures and international markets

Gold futures for the December delivery hit an intraday high of ₹1,27,941 per 10 gram on the Multi Commodity Exchange (MCX) on Thursday. At around 7:20 pm, the contracts were trading 0.67% up at ₹1,27,313 per 10 gram on the MCX.

Silver futures touched an intraday high of ₹1,65,818 per kg on the MCX. At 7:30 pm, the December contracts were trading 0.56% up at ₹1,63,001 per kg.    In the overseas markets, spot gold increased by $41.19, or 0.98%, to $4,236.84 per ounce, while spot silver was trading 1.13% higher at $53.86 per ounce in overseas trade. 

The US Department of the Interior added silver to its ‘critical minerals’ list and highlighted its importance to the economy and national security.

The industrial demand for silver has increased significantly in recent times, especially in crucial sectors such as EV, solar and 5G technology. This has led to a sharp increase in its prices in both domestic and international markets. 

Global tensions have reduced, and there could be more headwinds as the US deals with India and other major nations that can cap bullion prices, the PTI report quoted Sandip Raichura, CEO, Retail Broking & Distribution and Director at PL Capital, as saying.