Gold prices cross Rs 55,000 per 10-gm, jewellers expect more upside
   Date :05-Jan-2023

Gold prices 
 
 
 
Business Bureau
It seems that precious metals like gold and silver never loose their glitter as gold prices have crossed the Rs 55,000 per 10 grams level just a few days ago and are being quoted at Rs 56,200 per 10 grams, while silver is quoted at Rs 69,700 per kg in the city on Wednesday. The gold and silver prices are without GST and Hallmarking charges.
The gold prices have appreciated rapidly within a short span of time and jewellers in the city feel that they would appreciate to Rs 60,000 per 10 grams due various domestic and international factors.
“The gold and silver prices are witnessing a steep rise in their prices on account of a number of factors like good local demand due to a large number of weddings in the country this year. On the international from, central governments across the world are buying gold in huge quantities to stabilise their currencies and depreciating rupee as compared to dollar is pushing gold and silver prices to higher levels,” said Rajesh Rokde, Director of Rokde Jewellers, Secretary of Nagpur Sarafa Association and Director of All India Gem and Jewellery Domestic Council (GJC) while speaking to The Hitavada.
Rokde further said that the prices of gold and silver mostly depends on demand and supply situation in the world. Last year the Indian Government bought approximately 152 tonnes of gold to stabilise the rupee against the US dollar. Likewise, other central governments across the world also bought gold in bulk quantities to build their reserves. His outlook for the long-term view or within a few years for gold is Rs 1 lakh per 10 grams and silver at Rs 1 lakh per kg.
Kishore Sheth, Director of Batukbhai and Sons Jewellers, Dharampeth said that the gold and silver prices would continue to rise higher due to a weaker rupee, lower inflation in the US and signs of slower interest rate hikes from the US Federal Reserve.
Pradeep Kothari of Karan Kothari Jewellers said that there are a lot of people who are waiting on the sidelines to buy gold but are feeling uncomfortable buying at these levels.
He feels that the gold and silver prices will not fall in the near future due to strong international and local demand and depreciating Indian rupee against the US dollar. Kothari is of the opinion that the gold and silver prices will
appreciate further looking at these factors.