Gold prices stayed firm on Wednesday as investors continued to move towards safer assets amid growing geopolitical tensions and uncertainty in global financial markets. In the domestic bullion market, 24-carat gold was trading close to ₹1.58 lakh per 10 grams, while silver prices hovered around ₹2.85 lakh per kilogram.
The recent rise in gold prices has largely been driven by concerns surrounding the Iran conflict and fears that the situation could affect global oil supplies. Rising crude oil prices and weak global equity markets have increased investor anxiety, pushing many towards gold, which is traditionally seen as a safe investment during uncertain times.
Across major Indian cities such as Delhi, Mumbai, Chennai, Kolkata, and Bengaluru, gold rates remained elevated throughout the day. Jewellers said customers are becoming more cautious due to the sharp jump in prices, especially for jewellery purchases. However, demand for gold as an investment — including coins, bars, and digital gold — continues to remain strong.
Silver prices saw slight fluctuations during the session after witnessing a strong rally in recent weeks. Traders said some investors opted for profit booking, leading to mild corrections in the metal. Despite this, the overall sentiment in the precious metals market remained positive.
In the futures market, gold contracts on the Multi Commodity Exchange (MCX) traded with gains as investors continued to bet on higher prices. Silver futures, however, remained volatile because of mixed global signals and concerns about industrial demand.
Also Read: Sensex crashes 620 points, Nifty slips below 23,450