New Delhi. Today once again a tremendous rise in the prices of gold and silver has been recorded in the Indian bullion market. Due to increase in domestic demand and strong signals from global markets, the prices of both the precious metals are skyrocketing. Today, silver has once again crossed the level of ₹ 2,45,000 per kg, while the prices of 24 carat gold have also reached a record historical level.
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Latest prices of bullion market
According to India Bullion and Jewelers Association (IBJA), heavy buying was seen in gold and silver as soon as the market opened this morning. The main rates without tax and making charges are as follows –
Silver per kg ranged between ₹2,45,000 to ₹2,46,500 and 24 carat gold per 10 grams ranged from ₹1,53,160 to ₹1,53,650. At the same time, the price of 22 carat gold for jewelery making per 10 grams remains above ₹ 1,40,400. In recent times, slight differences in prices are being seen in major cities of the country due to local taxes.
If we talk about the price of gold in metropolitan cities then-
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₹1,53,360 per 10 grams in Delhi
₹1,53,620 per 10 grams in Mumbai
₹1,54,070 per 10 grams in Chennai
In Kolkata it is ₹1,53,420 per 10 grams.
Why is it coming so fast?
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According to market analysts, there are three major international and domestic reasons behind this rally which include demand for safe investments, the stance of the US Federal Reserve, and the domestic wedding season. Due to global economic uncertainty and ongoing geopolitical tensions, investors are considering gold as safer than the stock market. Apart from this, the fluctuations in interest rates and dollar index by the US Central Bank are having a positive impact on the bullion market. Also, due to weddings in India, there has been a sudden surge in the physical demand for precious metals.
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