Gold and Silver Prices Surge, Increasing Buyer Anxiety

Gold and silver prices have gone up again, raising concerns among buyers. Since the start of the year, gold prices have surged by Rs 3,000. Here are the latest rates.

Gold-Silver Price: Gold and silver prices have once again increased, causing concern for buyers. This business week has seen a continuous rise in the prices of both gold and silver. On Monday, the price of 24-carat gold in the Jaipur Sarafa Bazaar was ₹80,000 per 10 grams, which increased to ₹81,400 by Friday. However, silver hasn’t shown such a sharp increase. On Friday, silver fell by ₹300, settling at ₹93,300 per kilogram.

Gold Price at ₹81,000 per 10 grams on 17 January

Since 1 January, the price of gold has been steadily increasing. On 31 December, standard gold was around ₹78,000 per 10 grams, which rose to over ₹81,000 by 17 January. It is noteworthy that during Diwali, gold crossed its all-time high price of ₹82,000 per 10 grams.

Reasons for the Rise

Besides the strengthening dollar and high crude oil prices internationally, there has been a decline in the rupee due to foreign capital outflow. The rupee weakened by 16 paise against the dollar. This has also contributed to the strengthening of gold prices. Demand for gold and silver in local markets has also boosted prices.

What the Experts Say

According to experts, the global economic uncertainty surrounding Donald Trump’s policies and increased concerns about inflation are supporting the price of this precious metal as a ‘hedge’. Purchases by central banks in countries like China and India have also boosted investor enthusiasm for gold.