This week, there has been a historic and stormy rise in the prices of gold and silver in the domestic and international markets. This boom in the bullion market has attracted the attention of both investors and the general public ahead of the Kharif and festival season. According to the data of India Bullion Jewelers Association (IBJA), during this entire week, a strong increase of more than 8 thousand rupees has been recorded in the price of gold, while the shine of silver has also not faded and there has been a huge jump in its prices by more than 12 thousand rupees per kg.
New prices and fluctuations of gold of different carats
According to the latest market data, gold of 24 carat purity has jumped by Rs 8,257 this week to reach the level of Rs 1,60,620 per 10 grams, whereas last week its price was Rs 1,52,363 per 10 grams. Apart from this, the price of 22 carat gold has increased to Rs 1,47,128 per 10 grams, which was earlier Rs 1,39,565. At the same time, the price of 18 carat gold has also increased to Rs 1,20,465 per 10 grams. The lowest level of gold during trading this week was recorded at Rs 1,52,884 on August 19, which jumped by the end of the week and closed at its highest level of Rs 1,60,620 per 10 grams on August 21.
Silver prices also recorded a rise of more than Rs 12 thousand
On the lines of gold, silver prices have also registered a tremendous rise. This week, the price of silver has increased by a huge Rs 12,788 to Rs 2,46,630 per kg, whereas its earlier price was Rs 2,33,842 per kg. In the initial sessions of the week, the lowest price of silver was seen at Rs 2,27,392 per kg on August 19, which jumped to a high of Rs 2,46,630 per kg in the last trading session of the week i.e. on the evening of August 21. These rates are officially released by the IBJA in the bullion market daily in two sessions, morning and evening.
Main reasons for bullion shine and rise in global market
Not only in the domestic market, but also at the international level, the rapid rise in the prices of gold and silver continues. In the global market, gold is trading near the high of around $ 4,600 an ounce and silver around $ 69 an ounce. Market experts believe that the continuous decline in US bond yields and the sudden huge increase in demand for gold and silver as a safe haven investment globally. Amidst the uncertain global economic conditions, investors are continuously buying precious metals considering them as the safest option, the direct impact of which is being seen on the Indian markets as well.