From Rs 6,110 to Rs 75,000 Gold prices jump over 12 times in 20 years
   Date :21-May-2024

Gold prices jump  
 
 
 
Business Reporter
 
 
Continuing its northward journey, gold prices on Monday touched a new all-time high of Rs 75,000 per 10 grams, a record jump of over 12 times in a span of 20 years. Market observers said that international conditions and geopolitical tensions in the Middle East are pushing up gold prices. Besides, growing confidence of investors in the yellow metal and its strong demand in the domestic market are further helping the prices to make new records. On other hand silver has also outperformed other investment options such as stock markets to reach Rs 94,500 per kg on Monday in the Nagpur Sarafa Bazar. Silver prices have gone up more than 8 times in the last two decades. The prices of gold and silver are excluding 3 per cent Goods and Services Tax.
 
Interestingly, twenty years back (in 2004) gold was at a level of Rs 6110 to 6200 per 10 grams while silver was sold at a price of Rs 11,500 to 11,770 per kg. Experts said that a large number of people purchase silver ornaments and utensils along with gold. “Buying silver utensils is a new trend among many Indias. They use it during the festivals and on other occasions,” they added. Rajesh Rokde, Secretary of Nagpur Sarafa Association and Vice Chairman of All India Gem and Jewellery Domestic Council (GJC), said the prices are hitting new highs due to geopolitical uncertainty, expectation of interest rate cuts and many countries buying in bulk quantities.
 
“Apart from this, there is a strong demand for gold in the country. People have started buying gold for the upcoming marriage season even as the prices are at a record high,” he said. In fact, Rokde said, people’s attraction towards gold has gone up as the prices are showing an upwards trend. “Gold ornaments have become one of the best options for many as it gives good returns. We have seen a sizable number of youths are also buying gold these days,” he added.
Many city-based jewellers strongly believe that the prices of gold and silver will continue to rise.