Silver Prices Jump While Gold Holds Steady in Domestic Bullion Market
The domestic bullion market witnessed strong movement on Monday as silver prices surged sharply, while gold rates remained stable despite weakness in international markets.
According to the All India Bullion Association, silver prices climbed by ₹1,000 to touch ₹276,000 per kilogram. On the previous trading session, silver was priced at ₹275,000 per kilogram.
Meanwhile, gold with 99.9 percent purity remained unchanged at ₹162,800 per 10 grams in the national capital.
Market analysts believe the recent rise in silver prices is largely driven by fresh import restrictions imposed by the government and continued weakness in the Indian Rupee.
Why Silver Prices Are Rising in India
One of the biggest reasons behind the sharp rally in silver prices is the Central Government’s decision to impose immediate restrictions on silver imports.
The move aims to:
Reduce pressure on the Indian Rupee
Control non-essential imports
Improve the country’s trade balance
According to Saumil Gandhi, Senior Analyst for Commodities at HDFC Securities, these restrictions are likely to reduce silver imports significantly, tightening domestic supply and increasing local market premiums.
As a result, silver prices have already started witnessing upward momentum across domestic bullion markets.
Gold Prices Remain Stable Despite Weak Global Trends
While silver prices rallied sharply, gold prices managed to remain stable in the domestic market.
Analysts noted that the weakening Rupee helped offset weakness in global bullion prices, preventing a major decline in local gold rates.
Saumil Gandhi stated that domestic gold prices remained resilient despite pressure in international markets, highlighting the strong impact of currency movement on India’s bullion market.
Global Gold and Silver Prices Under Pressure
In the international bullion market:
Spot gold traded marginally lower at US$ 4,535.23 per ounce
Silver prices slipped nearly 1 percent to US$ 75.42 per ounce
According to Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, global gold prices weakened due to:
Strengthening US Dollar
Rising crude oil prices
Higher global bond yields
He further explained that positive developments from the US-China summit boosted investor confidence in riskier assets, reducing demand for safe-haven investments like gold.
Weak Rupee Continues to Support Domestic Bullion Prices
The Indian Rupee weakened further and touched a record low of 96.37 against the US Dollar.
A weak Rupee increases the cost of imports, which supports domestic bullion prices even when international gold and silver rates soften.
According to Jatin Trivedi, Vice President and Research Analyst for Commodities and Currencies at LKP Securities, investors are currently focusing on:
US-Iran geopolitical tensions
Rupee-Dollar exchange rate movement
Global commodity price trends
These factors are creating fresh volatility in the precious metals market.
Impact of Silver Import Restrictions on the Market
The government’s decision to restrict silver imports could significantly affect the domestic bullion market in the coming months.
Possible impacts include:
Lower silver availability
Higher local premiums
Increased price volatility
Stronger domestic silver prices
Bullion traders believe silver rates may remain highly sensitive to import policies and currency fluctuations going forward.
Silver prices witnessed a strong rally in the domestic market after fresh import restrictions and continued Rupee weakness tightened supply conditions.
While gold prices remained stable despite pressure in global markets, silver continued to outperform due to concerns surrounding imports and domestic availability.
Market experts believe that currency movements, government policies, and geopolitical developments will remain the key drivers of gold and silver prices in the near future.
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