There has been a strong rise in the prices of gold and silver in the country today. Due to increase in import duty and strength in the global market, a huge surge has been recorded in the domestic bullion market. Enthusiasm about the rise is also being seen among investors.
Sharp rise in gold prices
According to the latest reports, the price of 24 carat gold has reached around ₹ 1.62 lakh per 10 grams. Rates are being seen even higher than this in some cities, where 24K gold has reached around ₹ 1.64 lakh to ₹ 1.67 lakh per 10 grams. A similar rise has been recorded in 22 carat and 18 carat gold, which has affected the buying in the jewelery market.
Strong rise in silver also
There has also been a big jump in the prices of silver and it has crossed ₹ 3 lakh per kg. Market experts say that industrial demand and increasing interest from investors have also given strong support to silver.
Why did gold and silver prices increase?
There has been a sudden rise in the market after the government recently increased the import duty on gold and silver to 15 percent. Apart from this, uncertainty in the international market and geopolitical tensions are also driving the prices higher. Experts believe that the purpose of this step is to reduce imports and reduce pressure on foreign exchange reserves, but it has had a direct impact on domestic prices. Rates in major cities: A similar rise in gold prices is being seen in big cities like Delhi, Mumbai, Chennai and Bengaluru. 24 carat gold in Mumbai has reached the level of approximately ₹ 1.67 lakh per 10 grams.
Hints for investors
Experts say that market fluctuations may continue for now. In such a situation, investors are being advised to take steps with caution.