New Delhi, Jul 23: Gold and silver prices surged sharply on Wednesday, with both precious metals scaling new heights in the domestic market amid mixed global cues.

While 24-carat gold breached the Rs 1 lakh mark per 10 grams again, silver touched a new all-time high of over Rs 1.15 lakh per kg.

The price of 24-carat gold increased by Rs 1,025, from Rs 99,508 on Tuesday to Rs 1,00,533 per 10 grams, according to data published by the India Bullion and Jewellers Association (IBJA).

The price of 22-carat gold also saw a notable rise, climbing to Rs 92,088 per 10 grams from Rs 91,149. Similarly, the price of 10 grams of 18-carat gold increased from Rs 74,631 to Rs 75,400.

The price of silver increased by Rs 1,357, from Rs 1,14,493 a day earlier to Rs 1,15,850 per kg.

Silver has increased by more than 34 per cent since January 1 this year, when it was priced at Rs 86,055 per kg.

Meanwhile, in the futures market, gold and silver continued their upward trend. On the Multi Commodity Exchange (MCX), the gold contract for August 5 was trading 0.17 per cent higher at Rs 1,00,500.

The silver contract for September 5 rose 0.58 per cent to Rs 1,16,323.

Globally, however, trends were mixed. On COMEX, gold prices dipped slightly by 0.08 per cent to $3,441.10 an ounce, while silver rose 0.52 per cent to $39.76 an ounce.

Experts noted that domestic gold prices remained range-bound near record levels, influenced by steady international gold rates and a stable rupee. Silver, on the other hand, continued its strong upward momentum both domestically and internationally.

"Gold prices remained range-bound near higher levels, with MCX trading close to Rs 1,03,500, taking cues from COMEX gold, which held steady around $3,424. The rupee also stayed flat, limiting volatility in domestic gold prices," said Jateen Trivedi of LKP Securities.

Investors now await key economic cues from upcoming US Manufacturing and Services PMI data. In the short term, gold is expected to trade within a range of Rs 99,000–Rs 1,01,500 on MCX, Trivedi said.

(IANS)

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