Gold Surges by ₹500 to Touch ₹99,000 per 10 Grams; Silver Jumps ₹1,000 per Kg

New Delhi, May 28: Gold prices saw a sharp upward movement on Wednesday, rising by ₹500 to reach ₹99,000 per 10 grams in the national capital, buoyed by a strong trend in international markets. According to the All India Sarafa Association, the rally was fueled by bullish sentiments globally and anticipation around key policy signals from the US Federal Reserve.

The yellow metal of 99.5% purity, inclusive of all taxes, witnessed a notable increase, up from ₹98,500 per 10 grams in the previous session. The domestic gains mirrored developments in the global bullion market, where spot gold rose by USD 23.16, or 0.7%, to USD 3,323.87 per ounce.

Silver also posted significant gains, rebounding strongly from its recent dip. The price of silver surged ₹1,000 to settle at ₹1,00,000 per kilogram, recovering from a sharp fall of ₹1,370 in the previous trading session that had brought the metal down to ₹99,000 per kg.

Market analysts attributed the uptick in both gold and silver prices to investor caution ahead of the release of the US Federal Open Market Committee (FOMC) meeting minutes and upcoming statements from key Federal Reserve officials, which are expected to offer fresh cues on interest rate movements.

“Gold prices traded positive as markets await the release of the FOMC meeting minutes and speeches from US Federal Reserve officials for further policy signals,” said Kaynat Chainwala, AVP – Commodity Research at Kotak Securities.

The domestic precious metals market is also being influenced by persistent geopolitical uncertainties and macroeconomic concerns, which have traditionally bolstered demand for gold and silver as safe-haven assets.

With both metals showing resilience and an upward trajectory, traders and investors are closely monitoring central bank commentary and economic data releases, which could shape short-term pricing trends in the bullion market.