New Delhi: Gold and silver prices rose on March 10, continuing the volatility seen in bullion markets this year.
According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold increased by Rs 1,700 to reach Rs 1.60 lakh per 10 grams. In the previous session, the metal had been trading at around Rs 1.59 lakh per 10 grams.
Silver also registered a sharp rise. The price of one kilogram of silver climbed by Rs 13,000 to Rs 2.73 lakh, up from Rs 2.60 lakh per kilogram.
Market analysts say the rise comes after a period of correction following record highs earlier in the year, which has encouraged fresh buying in the bullion market.
According to experts, gold had reached an all-time high of around Rs 1.76 lakh per 10 grams on January 29, while silver had touched Rs 3.86 lakh per kilogram on the same day.
After that peak, prices declined significantly, prompting investors and buyers to re-enter the market.
Despite recent fluctuations, both precious metals have seen a strong overall increase since the start of the year.
At the end of last year, gold was trading at around Rs 1.33 lakh per 10 grams. With current prices near Rs 1.60 lakh, the metal has gained approximately Rs 27,000 so far this year.
Silver has also recorded notable gains over the same period, rising by about Rs 24,000.
Experts say the next direction for bullion prices will largely depend on global economic and geopolitical developments.
One key factor is the ongoing tension in the Middle East. Analysts say that if the situation involving Iran and the United States escalates further or crude oil prices rise again, demand for safe-haven assets such as gold and silver could increase.
Another factor being closely watched by markets is US economic data. Strong economic indicators could strengthen the US dollar, which may put downward pressure on gold prices in international markets.
For now, however, analysts say investor interest in precious metals remains strong as markets continue to navigate global uncertainties.
