The prices of gold and silver are once again rising. Both precious metals rose on Monday, the first trading day of the week. Silver prices rose by more than ₹15,000, while gold also rose by more than ₹3,000 compared to the previous close. During the meeting with the RBI board, Finance Minister Nirmala Sitharaman explained the main reason behind the rise in gold and silver prices and said that there is no need to worry.
‘Rise in gold and silver is nothing to worry about’
Nirmala Sitharaman and Reserve Bank of India Governor Sanjay Malhotra discussed the recent sharp rise in gold and silver prices. The Finance Minister said that the rise in gold and silver prices is being closely monitored, but there is no need to worry at the moment. Sitharaman said that India is completely dependent on imports to meet its gold demand. We get every ounce of gold that comes into the country. But I don’t think its price has reached such a worrying level. He said that the purchases have not yet exceeded the prescribed limit and RBI is continuously monitoring the situation.
For this reason, gold and silver are rising. The Finance Minister did not justify looking at the current rise in gold and silver prices only from the perspective of Indian consumption. He focused on the fact that central banks around the world are buying large amounts of gold and silver and adding them to their reserves. Sitharaman said that earlier, global gold rates were mainly influenced by high demand from countries like India and China. However, the current increase is mainly due to purchases and storage by Central Banks. This global buying is pushing prices higher than normal market fluctuations. Additionally, investors are increasingly turning to precious metals to seek shelter from global uncertainty, currency fluctuations and sharp fluctuations in the stock market. Giving examples, he said that gold prices have been rising in both domestic and international markets amid US-Iran tensions and US President Donald Trump’s new tariff threats.
The government is taking steps, but… Regarding gold and silver prices, the Finance Minister further said that gold has always been a preferred investment option for Indian families. Be it Akshaya Tritiya or other auspicious occasions and festivals, demand often increases. He said that India lacks sufficient domestic resources for exploration and extraction of gold. Although some steps are being taken to improve the situation, they are not enough to meet the demand of the country.
These are the latest rates of gold and silver
Now let us tell you about the gold-silver rate on Monday, the price of silver expiring on March 5 on the Multi Commodity Exchange jumped to Rs 2,68,875 as compared to last Friday’s closing price of Rs 2,52,944 per kg. Accordingly, the silver price increased by Rs 15,931 in one stroke. If we talk about gold, it also became expensive on the first trading day. On MCX, the 10 gram 24 carat gold rate expiring on April 2 jumped sharply to Rs 1,60,600 on Monday compared to the previous closing price of Rs 1,56,876, i.e. it became costlier by Rs 3724 per 10 grams.