Silver Surges ₹7,000, Gold Gains ₹3,700 on Wedding Season Demand

Precious metals rebounded by around 3 per cent in the national capital on Monday, driven by fresh buying from jewellers ahead of the wedding season and supportive global cues.

According to the All India Sarafa Association , silver surged ₹7,000 (3.04%) to ₹2,37,000 per kg (inclusive of taxes), recovering from its previous close of ₹2,30,000 per kg. Gold of 99.9 per cent purity also rose ₹3,700 (2.5%) to ₹1,51,500 per 10 grams , compared to ₹1,47,800 per 10 grams in the last session.

Traders attributed the sharp recovery to increased physical demand from jewellers stocking up for the upcoming marriage season, alongside favourable trends in global markets.

Saumil Gandhi , Senior Analyst – Commodities at HDFC Securities, said gold prices were supported by dip-buying and easing US Treasury yields , which improved sentiment in the precious metals segment. He added that movements in the domestic currency also played a key role.

The rupee initially strengthened after the Reserve Bank of India restricted onshore long dollar positions to curb speculative activity. However, it later reversed gains amid strong corporate demand for dollars and elevated crude oil prices , slipping past the 95-per-dollar mark to hit a record low of 95.2350 .

A weaker rupee tends to support domestic bullion prices by making imports more expensive, thereby pushing up gold rates in the local market.

Despite Monday’s rebound, bullion has recorded steep losses this month . Gold has declined by ₹21,300 (12.3%) since March 2 , while silver has fallen ₹63,000 (21%) , reflecting broader volatility in global markets.

In the international market, spot gold rose nearly 1 per cent to USD 4,531.67 per ounce , while silver gained 1.35 per cent to USD 70.72 per ounce .

Praveen Singh , Head of Commodities at Mirae Asset ShareKhan, noted that gold continues to trade in a volatile range , influenced by movements in the US dollar and crude oil prices. Meanwhile, Gaurav Garg of Lemonn Markets Desk cautioned that overall sentiment remains guarded , as gold has seen one of its sharpest monthly declines globally , falling about 16 per cent.