Gold could eventually climb as high as $30,000-$50,000 per ounce (roughly ₹33 lakh-₹55 lakh per ounce at ₹110 per US dollar), according to billionaire investor and Electrum Group Chairman Thomas Kaplan, who sees the recent correction in bullion prices as a temporary setback within a much larger long-term bull market.

Kaplan described the current pullback as a “1987 moment”, a sharp decline that could ultimately prove to be only a brief interruption in gold's broader upward trajectory.

He also warned investors about geopolitical risks in the global mining industry, arguing that governments could seize profitable mines during periods of economic or market stress. Despite such risks, Kaplan remains bullish on precious metals and believes structural demand for gold will remain strong.

Kaplan made gold and silver the core of his family's capital after selling Leor Energy in 2007. He is chairman of the Electrum Group, chairman of NOVAGOLD and chairman of Sunshine Silver Mining and Refining, which began trading on the New York Stock Exchange on June 4.

Gold surges above $4,600

The international price of gold briefly crossed $4,690 per ounce, rising from below $4,440 a week earlier. The weakening US dollar, following the US Treasury Department's announcement on bond buybacks, has provided additional support to bullion.

In India, gold and silver prices also surged to their highest levels in more than three months on Friday, extending gains for a second consecutive session as a weaker US dollar and firm global trends boosted demand for precious metals.

Gold of 99.9 per cent purity rose ₹1,200 to ₹1,63,500 per 10 grams, inclusive of all taxes, from ₹1,62,300 per 10 grams in the previous session, according to local traders.

The metal was last quoted around this level on May 19, when it stood at ₹1,63,600 per 10 grams.

Silver followed the rally, jumping ₹5,000 to ₹2,50,000 per kilogram, inclusive of all taxes, its highest level in 15 weeks. It had closed at ₹2,45,000 per kg on Thursday and has gained ₹15,000 over the past two sessions.

Silver was last near this level on May 4, when it was quoted at ₹2,49,500 per kilogram.

"Gold extended its rally on Friday's session and is heading for its third consecutive weekly gain, while silver also remained strong, supported by a weaker US dollar and falling longer-term Treasury bond yields," Gaurav Garg, Head of Research at Lemonn Markets Desk, said.

Gold hits $4,600 in global markets

In international markets, spot gold rose $81.58, or 2 per cent, to $4,600.91 per ounce, while silver climbed nearly 3 per cent to $69.87 per ounce.

"Spot gold surged to around USD 4,600 an ounce, its highest level since May 18, 2026, and remained on track for a third consecutive weekly gain," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.

Strong investment demand and heightened volatility across currency and bond markets have continued to support gold, he added.

Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, said gold has gained more than 4 per cent this week after the US Treasury Department expanded its bond-buying programme to double its long-term debt buybacks aimed at containing borrowing costs.

The move triggered a sharp decline in the US dollar and bond yields, giving bullion another boost. Although US yields have since stabilised as investors questioned the durability of the Treasury's measures, gold has retained most of its recent gains.

Bullion has also received support from a modest decline in international oil prices, Singh said.

Geopolitical risks

Geopolitical tensions have added another layer of uncertainty to financial markets, with the Trump administration preparing to announce what it described as the harshest economic sanctions on Iran.

Tehran, however, has dismissed the move as a continuation of failed US tactics, arguing that Washington itself is dealing with soaring debt and record interest payments amid elevated bond yields.

Investors are now awaiting key US economic indicators, including S&P PMIs, for further clues about the Federal Reserve's monetary policy outlook.