Gold and silver prices experienced a notable increase on April 17, with rates for 24 kt gold, 22 kt gold, and 999 silver climbing in major Indian cities like Delhi and Mumbai. Analysts attribute the surge to growing economic uncertainty and inflationary pressures.
According to sources in the commodities market, the price of 24 kt gold in Delhi rose to ₹60,000 per 10 grams, while 22 kt gold reached ₹58,500. Silver, particularly 999 purity, also saw a significant uptick, trading at ₹75,000 per kilogram. These figures mark a sharp rise compared to prices earlier this month.
Economic analysts suggest that the recent Federal Reserve announcements regarding potential interest rate hikes have influenced global commodity prices. ‘Investors are increasingly turning to gold and silver as safe-haven assets amidst fluctuating stock markets and persistent inflation,’ said a commodities analyst.
The forward-looking analysis indicates that if inflationary trends continue and global economic uncertainty persists, precious metal prices may see further hikes. However, some market watchers caution that any stabilization in interest rates could temper these increases.