Ahmedabad Bullion Markets Scale Unprecedented Heights
Bullion prices in Ahmedabad reached new record highs on Monday. Silver prices climbed to Rs 2.55 lakh per kilogram. Gold prices rose to Rs 1.44 lakh per 10 grams. This powerful rally reflects strong momentum in global precious metal markets.
Sharp Increase from Previous Levels
The sharp spike followed Saturday's closing figures. Silver had closed at Rs 2.48 lakh per kilogram. Gold had ended at Rs 1.42 lakh per 10 grams. The Monday surge represented significant gains within a short period.
International Markets Also Hit Records
International gold futures jumped nearly 1.9% to around $4,585 an ounce. Spot prices traded close to $4,576 an ounce. They touched a fresh all-time high of $4,601 according to market analysts.
Silver increased almost 5% to about $83.2 an ounce. This followed a gain of nearly 10% last week. Intra-day levels hit $83.88, setting another record for the precious metal.
Key Drivers Behind the Rally
The rally was driven by multiple factors. A weaker dollar played a significant role. Reports emerged that the US justice department threatened the Federal Reserve with a criminal indictment. This raised concerns about policy stability in the United States.
Geopolitical tensions escalated simultaneously. Particular focus centered around Iran. These tensions kept global risk sentiment fragile. Investors sought safe-haven assets as a result.
Industry Expert Weighs In
Haresh Acharya, director of the India Bullion and Jewellers Association (IBJA), commented on the situation. He stated, "The momentum in precious metals remains strong. We are seeing sustained safe-haven buying. Investors are hedging against currency volatility and geopolitical risks."
Acharya added, "As long as uncertainty around US monetary policy and West Asia persists, gold and silver are likely to remain firm. They show an upward bias. However, short-term volatility cannot be ruled out completely."
The record prices in Ahmedabad mirror global trends. They highlight how local markets respond to international developments. Investors continue to monitor these precious metals closely. The combination of financial uncertainty and geopolitical tensions creates a perfect storm for bullion markets.
