Gold and silver prices are continuously reaching new record levels. In this week alone, gold prices have increased by more than ₹ 6,000 and silver prices by more than ₹ 17,000. On MCX, gold has crossed ₹ 1.47 lakh per 10 grams and silver has crossed ₹ 2.37 lakh per kg. Now the big question is, is this the right time to buy gold, or should we wait for the prices to come down? Let us take a look at the reasons for this surge and the opinions of experts.
How much did the prices of gold and silver increase in a week?
According to India Bullion and Jewelers Association (IBJA), the price of 24-carat gold has increased from ₹1,39,873 to ₹1,46,344 per 10 grams this week – an increase of about ₹6,471. Similarly, the price of 22-carat gold rose from ₹1,28,124 to ₹1,34,051 per 10 grams, while the price of 18-carat gold rose from ₹1,04,905 to ₹1,09,758 per 10 grams. At the same time, silver prices increased from ₹2,16,541 to ₹2,33,858 per kg, which means it has become costlier by about ₹17,317 per kg in just a week.
Record rise in gold and silver on MCX
The rising trend in prices also continued on the Multi Commodity Exchange (MCX). During trading on July 3, gold futures rose more than 1.30% to ₹1,47,365 per 10 grams. Silver futures also closed above ₹2,37,499 per kg with a gain of 1.62%.
What are the gold prices in major cities today?
Today in Delhi, the price of 24-carat gold is ₹1,47,160 per 10 grams and the price of 22-carat gold is ₹1,34,910 per 10 grams. In Mumbai, Bengaluru, Kolkata and Hyderabad, the price of 24 carat gold is around ₹1,47,010 per 10 grams, while the price of 22 carat gold is ₹1,34,760 per 10 grams. Whereas in Chennai, the price of 24 carat gold is ₹ 1,49,570 per 10 grams and the price of 22 carat gold is ₹ 1,37,010 per 10 grams.
**Latest Silver Prices**
Silver price in Delhi, Mumbai, Bengaluru and Kolkata is ₹2,50,100 per kg. Silver price in Hyderabad and Chennai is ₹2,60,100 per kg.
**Why did gold and silver suddenly become expensive?**
According to experts, there are several reasons behind this increase:
The fall in crude oil prices raised hopes of reduction in inflation.
Weakness in the dollar index continued, due to which investment in gold increased.
After America’s weak employment data, investors started feeling that the US Federal Reserve will not increase interest rates further.
Additionally, ongoing geopolitical tensions around the world have increased demand for ‘safe haven’ assets like gold.
In the international market, gold has reached the level of around $4,170 per ounce and silver at $62 per ounce.
**Highest and lowest prices of this week**
According to IBJA, the lowest price of 24 carat gold this week was ₹1,39,434 per 10 grams on July 1, while the highest price was ₹1,46,344 per 10 grams on the evening of July 3. At the same time, the minimum price of silver was ₹ 2,21,355 per kg and the maximum price was ₹ 2,33,858 per kg.
**Will gold remain expensive in future also?**
Titan believes that gold prices are likely to remain high and fluctuate in the near future. According to the company, gold prices may remain volatile due to ongoing geopolitical tensions and global uncertainty. However, long-term demand for jewelery is expected to remain strong in India, as gold is viewed as both an investment and safe haven asset. Titan says there may be short-term fluctuations in demand, but the long-term outlook is positive.
Should you buy gold now or wait?
Market experts suggest that price volatility may continue even after the recent rally. He estimates that in the short term, gold prices may remain in the range of ₹1.45 lakh to ₹1.49 lakh per 10 grams. If you want to buy gold for a wedding, gift or any special need, you can buy as per your needs. However, if you are buying only for investment purposes, it would be better to buy small amounts of gold over time rather than investing all the money at once.
