Gold prices in India have soared by 200 percent over the past six years, driven by economic uncertainty and geopolitical tensions, while silver prices have also experienced significant increases.
Gold prices in India have surged dramatically, increasing by an impressive 200 percent over the past six years. Between May 2019 and June 2025, prices soared from ₹30,000 to over ₹1,00,000 per 10 grams, reflecting the precious metal’s rising value amidst global economic and geopolitical uncertainties.
Motilal Oswal Financial Services Limited (MOFSL) has continued to maintain a bullish outlook on gold. In a recent research note, the firm highlighted ongoing geopolitical tensions and economic uncertainty as the central factors fueling gold’s upward trajectory.
“Periods of heightened market volatility driven by inflation, global economic shifts, and geopolitical instability have all contributed to gold’s continued upward momentum,” stated MOFSL in their analysis.
Manav Modi, an Analyst for Precious Metals Research at MOFSL, commented, “We’ve been fortunate to ride the gold rally since 2019. While we maintain our overall positive outlook, we’re exercising caution as of July 2025—not exiting our position, but awaiting clearer signals.” He further mentioned that for gold prices to exceed current record levels, significant new catalysts would be necessary. Until that transpires, a phase of consolidation is anticipated.
In the meantime, both gold and silver witnessed strong gains at the start of the trading week. Silver prices once again surpassed ₹1.13 lakh per kilogram, alongside a notable increase in the price of 24-carat gold, which rose by more than ₹650.
On July 14, silver reached an all-time high of ₹1,13,867 per kilogram. According to figures from the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold increased by ₹653 to ₹98,896 per 10 grams, up from ₹98,243 the previous Friday. Additionally, 22-carat gold rose from ₹89,991 to ₹90,589 per 10 grams, and 18-carat gold went up from ₹73,682 to ₹74,172 per 10 grams.
Silver prices climbed by ₹765 to ₹1,13,465 per kilogram, compared to ₹1,12,700 in the prior session.
Futures contracts have mirrored this bullish sentiment. On the Multi Commodity Exchange (MCX), the August 5, 2025, gold contract rose by 0.67% to reach ₹98,685 per 10 grams. Similarly, the September 5, 2025, silver contract increased by 0.93%, climbing to ₹1,14,001 per kilogram.
The rally extends globally, with Comex silver rising 1.16% to $38.91 per ounce, and gold gaining 0.71% to hit $3,382.10 per ounce, according to reports by IANS.