Bullion market gains momentum, silver jumps by Rs 14,800; gold also becomes costlier by nearly Rs 3,000

New Delhi (The Uttam Hindu): After sharp fluctuations last week, gold and silver prices witnessed a strong rise on Monday. According to bullion market data, silver surged by Rs 14,800 to reach Rs 2.65 lakh per kilogram, while gold climbed by Rs 3,050 to Rs 1.58 lakh per 10 grams.

In early trade on the MCX, silver became Rs 5,185 costlier, trading at Rs 2.49 lakh per kilogram, while gold rose by Rs 3,428 to Rs 1.55 lakh per 10 grams.

During Asian trading hours, spot gold gained around 1.18% to trade at $5,040 per ounce, while spot silver jumped 3.39% to $79.89 per ounce. However, despite the current rally, both precious metals are still trading below their record highs. Gold remains about 11.27% below its all-time high of $5,608.35, while silver is down nearly 52.29% from its lifetime peak of $121.67 recorded on January 29.

Market experts attribute the recent surge mainly to Japan’s ruling Prime Minister Sane Takaichi’s decisive election victory. Following the results, expectations of a more accommodative fiscal policy have strengthened, keeping pressure on the yen—both factors considered supportive for gold prices. According to a Bloomberg report, these expectations are providing strong support to demand for precious metals.