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Gold & Silver Prices Surge Ahead of Festive Season, Marking Significant Weekly Increases
Published : Oct 14, 2023, 1:20 pm IST
Updated : Oct 14, 2023, 1:20 pm IST
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Gold & Silver Prices
Gold & Silver Prices

Gold witnesses a notable rise of Rs 1,857, and silver jumps by Rs 2,636 within a week

NEW-DELHI: As the festive season approaches, gold and silver prices have taken a notable upward trajectory, reflecting an increased demand for precious metals in the market. In the span of just one week, gold became more expensive by Rs 1,857, while silver saw a significant spike of Rs 2,636. These price hikes were reported by the India Bullion and Jewels Association, underlining a heightened interest in precious metals among buyers.

As of the latest data from the Association, the price of 24-carat gold surged from Rs 56,539 to Rs 58,396 per 10 grams, showcasing a rapid escalation. In parallel, the price of silver surged from Rs 67,095 to Rs 69,731 per kilogram, further highlighting the bullish trend in the precious metals market.

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The International market witnessed a substantial surge in gold prices, marking the most significant increase in seven months. Gold experienced a 3 percent rise, reaching $1,886.40 per ounce (approximately Rs 55,385 per 10 grams) on Friday.

Market analysts attribute this global increase in gold prices to two primary factors. First, there is a sentiment in the market that the previously anticipated rise in interest rates in the United States may stall. This perception acts as a positive indicator for gold, often considered a safe-haven investment. Secondly, the ongoing conflicts, such as the Israel-Palestine war, coupled with a decrease in bond yield and a pause in the rise of the dollar, have encouraged increased investment in gold. These market dynamics suggest a trend of heightened interest in gold, making it a focal point for investors and buyers alike as they gear up for the upcoming festive season.
 

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Location: India, Delhi, New Delhi

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