Gold and silver prices are continuing their stellar run-up due uncertainty in world markets, US tariff war and rising tensions in the Middle East following Israel’s attack on Iran’s nuclear sites. The gold prices are rising and making new highs these days on the back of strong demand in the domestic and international markets. In accordance, gold price has hit all time high of Rs 1,00,000 per 10 grams (without GST) in Nagpur’s Sarafa Market, Itwari. With 3 per cent GST gold price is at Rs 1,03,000 per 10 grams. Similarly, silver is being sold for record high of Rs 107,100 per kilogram (Without GST).

 

Silver with GST is being sold for Rs 110,300 per kg. “Looking at the global uncertainty, I would not be surprised if the gold prices touch Rs 1,25,000 lakh per 10 grams and silver also at Rs 1,25,000 per kg, this year. With Income Tax limit hiked up to Rs 12 lakh per annum, disposable incomes are set to rise, boosting demand for gold and branded jewellery. This move strengthens the formal jewellery market, encouraging hallmarked and luxury jewellery sales. A positive step for the industry,” said Rajesh Rokde, Chairman, All India Gems and Jewellery Council (GJC) while talking to The Hitavada. Rokde further said that gold prices are set to rise further, given the uncertainties and challenges the world is facing today. Gold is rallying on several factors including the recent US Government imposing tariff hikes on various countries like Canada, Mexico and China.

 

According to World Gold Council data, governments around the world have purchased gold of 1,047 tonnes in 2024, out of which India has bought 802 tonnes. Apart from this, a large number of countries are in the process of de-dollarisation where countries reduce reliance on the US dollar as a reserve currency and medium of exchange. All these factors are pushing gold prices higher, he pointed out. Kishor Sheth, Director of Batukbhai and Sons Jewellers, said that gold prices are creating history due to strong demand in the domestic as well as global markets. Now gold is at a lifetime high of Rs 1,00,000 per 10 grams. Gold is giving fantastic returns to the investors this year, he mentioned. People have become aware that gold prices are consistently rising every year and they trust gold. Kishor Sheth explained that whenever the gold and silver prices drop, one or the other international event comes in and the prices rise.