Gold prices rebounded today, rising ₹2,510 after a five-day dip, fueled by safe-haven buying. Experts see a bullish outlook for Monday.
| Purity | Per Gram | Per 10g | Change |
|---|---|---|---|
| 24K Gold | ₹16,364INR | ₹1,63,640 | ↑ ₹251 |
| 22K Gold | ₹15,000 | ₹1,50,000 | ↑ ₹230 |
| 18K Gold | ₹12,273 | ₹1,22,730 | — |
Source: GoldMeter.in • Historical data for reference only
The Indian gold market witnessed a significant rebound on Saturday, March 7, marking a positive shift after a challenging week. The precious metal, which had experienced a notable slide over the past five days, recorded a substantial increase today, bringing some relief to investors and jewelry shoppers alike. This daily surge suggests a potential "U-turn" in market sentiment following a period of decline.
Specifically, gold prices jumped by ₹2,510 today, reversing some of the recent losses. This daily rise comes on the heels of a substantial dip, with Hyderabad, for instance, witnessing a sharp ₹10,000 slide in gold rates over the last five days. Despite this recent volatility, 24K gold settled around ₹1.61 lakh per 10 grams, while 22K rates also saw an uptick across major cities like Delhi, Mumbai, and Chennai. Bengaluru, too, reported a "U-Turn" in its rates, with prices jumping to trade near weekly lows, indicating a recovery from recent dips. Silver prices, while remaining flat in some regions today, are eyeing a target of ₹3 lakh, showing potential for upward movement.
The resurgence in gold prices is primarily attributed to heightened geopolitical tensions and robust safe-haven buying. As global uncertainties persist, investors are increasingly turning to gold as a secure asset to protect their wealth, driving demand and pushing prices upwards. This sentiment is contributing to a broader bullish structure for precious metals, indicating strong underlying support.
Looking ahead to Monday, March 9, market experts suggest that the broader bullish structure for gold remains intact. Analysts predict continued strength, with the metal rallying towards a potential ₹1.70 lakh mark. Investors should monitor key levels closely for actionable insights. For jewelry shoppers, while prices saw a daily increase today, the recent five-day dip might still offer relatively better entry points compared to previous highs, but the prevailing safe-haven demand indicates potential for further appreciation in the near term.