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In a week marked by global market jitters and currency fluctuations, both gold and silver witnessed a significant surge in prices. The rally comes just ahead of the July 9 deadline for the anticipated US tariff deal, coupled with a weakening US dollar index that has added further momentum to the precious metals market.

According to data from the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold increased by Rs 1,135 per 10 grams this week. The yellow metal was priced at Rs 95,576 per 10 grams on June 30, and ended the week at Rs 97,021 on Friday. The 22-carat variant also moved in tandem, registering a weekly gain of Rs 1,131 to reach Rs 96,633 per 10 grams.

This upward movement adds to gold's impressive performance in the first half of 2025. Over the past six months, the precious metal has delivered a robust return of 26 per cent.

Silver Soars Amid Supply Constraints

Silver, too, demonstrated strong gains during the week. From its June 30 close of Rs 105,510 per kilogram, the white metal rose by Rs 2,070 to settle at Rs 107,580 per kg on Friday. Just weeks earlier, on June 18, silver prices had touched an all-time high of Rs 109,550 per kg.

While gold outperformed silver in the first half of the year, the tables turned in June, with silver delivering a monthly gain of 9.41 per cent in global markets, compared to gold's modest 0.4 per cent rise.

“Silver outperformed gold in June… because of the fall in gold-silver ratio from over 100 to around 92-93… combined with the critical $35/ounce mark that triggered momentum and technical buying on breakout,” said Prathamesh Mallya, DVP–Research, Non-Agri Commodities and Currencies at Angel One Ltd.

Industrial Demand And Market Dynamics Favor Silver

Highlighting silver's industrial relevance, Mallya noted that the metal has seen a persistent supply deficit for the past five years. “Depleting inventories and record ETF inflows of over $1.6 billion in June boosted market sentiment for the metal,” he added.

He further pointed to silver's diverse use in industries such as clean energy and automobiles as a key driver for its growth prospects. “Going ahead, silver has the potential to outperform gold, because gold is just an asset which is a haven, while silver, being a precious metal, is also an industrial metal,” Mallya concluded.