After a single day of marginal relief, gold and silver prices have surged once again, leaving middle-class buyers in a state of shock. On Tuesday, March 24, the Kolkata bullion market witnessed a sharp spike in the rates of yellow metal, tracking strong global cues and increased safe-haven demand amidst geopolitical uncertainties.

Today’s Market Analysis: The price of 24-carat pure gold (10 grams) jumped by approximately ₹850 in the local market today. Similarly, the 22-carat jewelry gold also saw a significant appreciation, making ornaments costlier for end consumers. Silver wasn’t far behind, with prices soaring by over ₹1,500 per kilogram, further dampening the spirits of those planning festive or wedding purchases.

The Driving Factors: Market analysts attribute this sudden rally to the fluctuating US Dollar and the rising tensions in the Middle East. Whenever there is global instability, investors tend to park their money in gold, considered a “safe-haven” asset, which naturally drives up the prices. With the wedding season around the corner, this volatility is expected to continue, posing a major challenge for retail buyers in the coming weeks.