NEW DELHI– Silver prices soared to a record high on Friday, while gold rebounded sharply, breaking its recent losing streak. The surge in precious metals comes amid renewed global trade tensions, with the U.S. announcing fresh tariffs on Canada and Brazil.
Silver jumped by ₹2,356 to reach ₹1,10,290 per kilogram, up from ₹1,07,934 the previous day, surpassing its previous all-time high of ₹1,09,550 per kilogram recorded on June 18 this year.
“Silver is poised for a sharp rally and it didn’t disappoint,” said Apurva Sheth, Head of Market Perspectives and Research at SAMCO Securities. “It is forming a cup-and-handle pattern on the intraday charts and is already in short supply. If the U.S. or other countries impose further tariffs or export bans—similar to China’s move with rare earth minerals—silver prices could skyrocket.”
“At this point, it’s not about whether to own silver, but how much you should own,” she added.
Gold prices also gained momentum. According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold rose ₹465 to ₹97,511 per 10 grams, up from ₹97,046 on Thursday. The price of 22-carat gold climbed to ₹89,320, while 18-carat gold increased to ₹73,133 per 10 grams.
“Gold prices remained strong as fresh trade tariff concerns pushed investors toward bullion,” said Jateen Trivedi, VP Research Analyst at LKP Securities. “With the U.S. imposing new tariffs on Canada and Brazil, the market is now factoring in the broader implications of these renewed trade tensions. The uncertainty has once again turned sentiment in favor of gold, especially following recent price corrections driven by Middle East de-escalation.”
The domestic rally mirrors global trends. On international markets, gold rose 1.01% to $3,358 per ounce, while silver gained 2.92% to trade at $38.40 per ounce.
At 5:44 p.m. IST, the gold futures contract expiring August 5 was trading at ₹97,582 per 10 grams, up ₹891 from the previous close of ₹96,691. (Source: IANS)
