BULLION AT ALL-TIME HIGH Gold -- Rs 103,900/10 gm, Silver -- Rs 121,500/kg

 

 

 

 

SHATTERING all previous records, gold and silver prices have skyrocketed beyound expectations because of good demand and steep depreciation of the rupee as compared to the US dollar. Gold prices hit life time high of Rs 103,900 per 10 grams, while silver prices touched Rs 121,500 per kilo in the Sarafa market, Itwari. After a good response on Ganesh Chaturthi, city jewellers are confident that in the coming days there will be exceptionally strong demand during Diwali and the upcoming wedding season. Most jewellers are confident that the gold price could go up to Rs 1,20,000 per 10 gram by end of this year. Similarly, silver is also expected to go up to Rs 1.30 lakh per kg in same period, said some of the prominent jewellers. (Note: Prices are without GST and other charges). Rajesh Rokde, Director of Rokde Jewellers, Chairman of All India Gem and Jewellery Domestic Council (GJC) and President of Nagpur Sarafa Association told ‘The Hitavada’ that both the gold and silver prices are witnessing a stellar rally because of strong demand in the domestic as well as international markets due to Trump’s tarrif war and global uncertainty. Rokde further said that the gold prices are rising due to several important factors, given the uncertainties and challenges the world is facing today. Gold prices are rallying on the recent US Government’s tariff hikes on several countries including India.

 

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. The US Federal Reserve has indicated it will cut interest rates. When the interest rates are lowered people tend to invest in gold as a safe haven asset and to safeguard their investments. Therefore, central banks that are buying gold in the tonnes to strengthen their currencies. All these factors are pushing gold prices higher, he pointed out. Kishore Sheth, Director of Batukbhai and Sons Jewellers elaborated that the gold and silver prices will continue to rise and touch new peaks in coming days. As the festive season is in full swing, jewellery shops are full of people making purchases. The customers that were waiting for the prices to drop have realised that both the precious metals are on an upward trajectory. People have digested the higher prices and realised it makes sense to purchase gold jewellery and silver idols, utensils and coins from an investment point of view.