Precious metals extended their upward trend on December 26, with gold and silver posting significant gains across major cities. In Mumbai, 24-carat gold traded at levels above Rs 1,39,000 per 10 grams following a sharp daily increase. Silver prices in the city moved higher to around Rs 2,32,000 per kilogram.
Futures contracts on the domestic exchange reflected similar strength, pushing gold beyond Rs 1,39,000 per 10 grams and silver past Rs 2,32,000 per kilogram. These movements aligned with international markets, where both commodities achieved unprecedented values.
Demand from investors seeking protection against economic and political risks supported the advance. Anticipation of additional monetary easing by central banks worldwide added further momentum. Industrial applications, particularly in growing sectors, contributed to silver's notable performance.
In Mumbai's prominent jewellery hubs like Zaveri Bazaar, buyers faced elevated costs during a period of seasonal interest. Local traders noted steady institutional interest despite the peaks. Variations in rates across purity levels and quantities remained standard.
The continued rally highlights the role of precious metals in portfolios amid fluctuating currencies and global events.
