Ahmedabad: Silver prices witnessed a sharp spike on Friday in the Ahmedabad market, surging by Rs 18,000 in a single trading session to Rs 2.80 lakh per kg from Tuesday’s close of Rs 2.66 lakh per kg, bullion traders said. The jump marked one of the steepest single-day gains in recent weeks.Gold, meanwhile, scaled a fresh high of Rs 1.46 lakh per 10g, up from Rs 1.44 lakh per 10g in the previous trading session, as investors flocked to safe-haven assets amid intensifying global uncertainty.Analysts attributed the rally primarily to geopolitical tensions, which have increased risk aversion across global financial markets. “Precious metals are benefiting from heightened geopolitical concerns, which are driving investment demand. Physical demand for jewellery remains weak despite the ongoing wedding season. Consumers are either postponing purchases, restricting volumes, or exchanging old gold for new purchases, which has kept jewellery demand muted,” said Haresh Acharya, director of the India Bullion and Jewellers Association.Bullion dealers said the current rally was largely investment-driven, with domestic prices also reflecting movements in global markets and currency fluctuations.
