New Delhi, July 29: Silver prices witnessed a notable uptick on Tuesday, while gold saw a modest decline, according to data from the India Bullion and Jewellers Association (IBJA).
The price of silver rose by ₹323 per kilogram, climbing from ₹1,12,984 to ₹1,13,307. The white metal has been consistently trading above ₹1,10,000/kg in recent sessions and recently hit an all-time high of ₹1,15,850/kg on July 23.
According to Client Associates (CA), silver continues to emerge as more than just a traditional precious metal. The firm's latest report emphasizes silver's growing appeal as a modern asset class, citing its dual role in industrial applications and as a safe-haven investment. CA projects a potential upside of 15–20% over the next 12 to 24 months.
"The dual nature of silver—industrial utility and investment demand—links its pricing to both economic cycles and global uncertainties," the report noted, reinforcing silver's value as a strong portfolio diversifier.
Meanwhile, gold prices experienced a slight dip across categories:
- 24-carat gold fell from ₹98,446 to ₹98,296 per 10 grams
- 22-carat gold declined by ₹138, from ₹90,177 to ₹90,039 per 10 grams
- 18-carat gold dropped from ₹73,835 to ₹73,722 per 10 grams
Despite the minor drop in spot prices, both gold and silver were trading higher in futures markets. On the Multi Commodity Exchange (MCX), the August 5, 2025 gold futures contract rose 0.27% to ₹97,804, while the September 5, 2025 silver futures contract edged up 0.2% to ₹1,13,281.
On the global front, silver was trading at $38.28 per ounce on COMEX, up 0.15%, and gold saw a 0.25% rise to $3,318.40 per ounce.
Market analysts attribute these price movements to investor sentiment ahead of the U.S. Federal Reserve’s two-day policy meeting. Reflecting this, domestic gold was last seen trading at ₹97,900, while COMEX gold registered a 0.30% gain to reach $3,325 per ounce.
“Gold is trading in a tight range but with upward bias due to global cues,” said Jateen Trivedi, analyst at LKP Securities. He expects gold to fluctuate between ₹97,000 and ₹98,650 in the short term.
