Gold rates see biggest jump in two months, up ₹2,000 to lifetime high of ₹94,150/10 gm; silver down ₹500

Gold rates in India, making their biggest jump in nearly two months, surged ₹2,000 to hit their lifetime high of ₹94,150 per 10 gm (24K, 99.9% purity) in the national capital on April 1 amid relentless buying by investors and jewellers, according to the All India Sarafa Association.

Rising for the fourth session straight, gold of 99.5% purity on Tuesday also soared to the all-time high of ₹93,700 per 10 gm. Trading sentiment remained positive as the yellow metal climbed in the international markets too on the back of stronger demand for alternative investment amid the fall in equity markets, as per experts. Gold is a safe haven metal, which means that its demand and prices go up when other investments become risky. Investors turn towards gold in times of market fluctuations and geopolitical instability.

Gold prices ended at ₹92,150 per 10 gm (99.9% purity) and ₹91,700 per 10 gm (99.5% purity) on Friday. The bullion markets were closed on Monday, March 31 on the occasion of Ramadan Eid (Eid-ul-Fitr).

The previous record for the highest jump recorded in one session was on February 10 when the precious metal jumped ₹2,400 per 10 gm.

Silver rates, however, ended their three-day gaining streak on Tuesday, ending ₹500 lower at ₹1,02,500 per kg. On Friday, silver prices ended at ₹1,03,000 per kg.

On the Multi Commodity Exchange, gold prices for June delivery jumped ₹683 to touch a new high of ₹91,400 per 10 gm.

Moreover, spot gold in the overseas markets hit a lifetime high of $3,149.03 per ounce on Tuesday. Comex gold futures also touched a record high of $3,177 per ounce.

However, spot silver in the Asian market hours plunged by 0.74% to $33.83 per ounce.

Gold’s bull run

So far in 2025, gold rates have jumped by as much as ₹14,760, or 18.6%, from ₹79,390 per 10 gm recorded on January 1. Gold’s bullish momentum leading to record-high prices seems unparalleled. The gold rally is being driven by several factors including its safe haven demand led by escalating global trade war fears and their potential effects on the global economy and strong buying by central banks, along with higher ETF inflow, as per experts.

The scheduled implementation of reciprocal tariffs by US President Donald Trump on April 2 is a critical factor for gold’s trajectory this week. Market participants keenly wait for the aftereffects of the tariffs as risk premiums build on gold prices, according to market experts.