Gold, Silver Prices Surge: Gold Up Rs 2,000+, Silver Gains Rs 5,000 Today

Gold and Silver Rates Today: Gold prices surged across India on Wednesday as investors flocked to safe-haven assets amid escalating tensions in the Middle East.

While also keeping a close watch on next week’s US Federal Reserve policy meeting for fresh signals on interest rates. Silver prices also registered strong gains in the domestic market.

According to Goodreturns, the price of 24-carat gold in Mumbai climbed by Rs 2,290 to Rs 1,46,510 per 10 grams, up from Rs 1,44,220 on Tuesday. Meanwhile, 22-carat gold rose by Rs 2,100, taking the price to Rs 1,34,300 per 10 grams.

On the Multi Commodity Exchange (MCX), gold futures for August 2026 delivery were trading at Rs 1,44,508 per 10 grams, up 1.14 per cent. Silver futures for September 2026 delivery gained 1.16 per cent to Rs 2,26,367 per kg, reflecting renewed investor interest in precious metals.

Market participants said domestic bullion demand remained firm, with gold attracting fresh buying amid global uncertainty, while silver recovered after a recent bout of profit booking.

Commenting on the trend, Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said renewed optimism surrounding US-Iran diplomatic efforts had reduced geopolitical concerns, leading to softer crude oil prices while continuing to support gold. He added that robust physical demand, particularly from China, along with sustained central bank purchases, remained key drivers for bullion prices.

Globally, spot gold advanced 1.6 per cent to $4,139.64 per ounce after touching its highest level since July 7. US gold futures for August delivery rose 1.7 per cent to $4,144.20 per ounce. Among other precious metals, spot silver gained 1.9 per cent to $59.87 per ounce, while platinum climbed 2.4 per cent to $1,667.22 and palladium jumped 3 per cent to $1,320.75.

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Investors are now focused on the upcoming US Federal Reserve meeting. A recent Reuters poll indicated that the central bank is likely to keep interest rates unchanged for the remainder of 2026. However, a growing number of economists now believe the possibility of a rate hike later this year has increased compared to last month’s expectations.

Typically, higher interest rates reduce the appeal of non-yielding assets such as gold, as investors can earn better returns from interest-bearing investments. Despite this, persistent geopolitical uncertainty and strong global demand continue to underpin prices in the precious metals market.