Mumbai: Market has witnessed a remarkable surge in gold and silver prices, marking the fifth consecutive day of significant increases. This trend aligns with the global market’s upward trajectory, propelling the precious metals to unprecedented levels. Despite the soaring prices, retail demand has shown signs of tapering at these elevated levels.
On Wednesday, the price of 24-carat gold, excluding Goods and Services Tax (GST), climbed by ₹400, setting a new all-time high of ₹69,360 per 10 grams. The previous trading session saw gold closing at ₹68,960 per 10 grams. Including the 3% GST, the cost of pure gold reached ₹71,440. In a similar vein, 22-carat jewelry gold hit a record ₹65,440 per ten grams.
In international markets, gold surpassed the $2,300 mark for the first time, with a notable increase of $26 or 1.10%, closing at $2,307 per ounce.
Silver’s Significant Milestone
Silver has also been in the spotlight, crossing a crucial threshold of $26 per ounce in the global market, a level not seen in New York for the past three years. On Wednesday, silver’s global market price soared to $26.98 per ounce, reflecting an approximate 4% increase. Locally, in Mumbai’s Jewri market, pure silver (excluding GST) achieved a historic peak of ₹77,600 per kg. The day witnessed a substantial hike of ₹1,470, amounting to a 2% rise in silver prices. With the addition of 3% GST, the price of silver escalated to ₹79,930, with trades hitting the ₹80,000 mark for the first time.
A Month of Meteoric Rises
The past month has seen a dramatic escalation in the prices of both gold and silver. Anticipations of an impending interest rate cut in the United States, coupled with robust investment demand and acquisitions by central banks from various nations, including China, Russia, and India, have fueled this ascent. The active participation of speculators has further amplified the trend. Gold’s price has surged by ₹7,120 per ten grams, an 11.4% increase, while silver has experienced a 12% hike, amounting to ₹8,290 per kg. Market analysts suggest that this upward momentum may persist in the foreseeable future.
