There is a tremendous rise in the prices of gold and silver in the country. In the last two weeks, gold has become costlier by about ₹16,000, while silver prices have registered a huge increase of about ₹60,000. The price of silver on MCX has crossed ₹3 lakh per kg for the first time, which has increased the concern of investors and buyers.
On Wednesday, the price of 24 carat gold reached ₹1.64,180 per 10 grams on Multi Commodity Exchange (MCX). Whereas the price of silver was recorded at ₹3,01,350 per kg. In just one day, gold prices saw an increase of about ₹ 9,000 and silver prices increased by ₹ 23,000. Market experts say that due to global uncertainty and increasing demand, there is a continuous rise in precious metals.
Why are prices increasing?
According to experts, due to increasing tension in the international market, strengthening of the dollar and increasing demand for safe investments, gold and silver are becoming increasingly expensive. Apart from this, fears of increasing import duty by the government have also intensified buying in the market. Due to ongoing tensions in West Asia and global economic uncertainty, investors are withdrawing money from the stock market and moving towards safe investment options like gold and silver.
What is your advice to buyers?
These skyrocketing prices of gold and silver have increased the concern of those families whose marriages are going to take place soon. Jewelers say that at present there are little signs of softening in prices. In such a situation, for those who are looking at it from investment point of view, it is a big profit, but for those buying jewelery the burden on the pocket has increased considerably.
SK Sharma is a content writer who writes on news, entertainment, and lifestyle topics. She has over four years of experience and is known for conveying information in simple and clear language.
