There was a rise in the prices of gold and silver this week. According to the Jewellers Association, the price of 10 grams of 24-carat gold increased by Rs 784 from the previous closing on March 7 and reached Rs 86,843 on March 13. Gold prices soared to an all-time high on Thursday, March 13. The price of gold has increased by Rs 10,681 in 72 days from January 1 till now this year.
Similarly, one kilo of silver also increased by Rs 1,598 after the weekly trade from 7 March and reached Rs 98,322. Its price a week ago, on 7 March, was Rs 96,724 per kilo. Silver had made an all-time high of Rs 99,151 per kg on 23 October 2024.
Gold prices in four metro cities
Delhi: The price of 10 grams of 22-carat gold is Rs 81,359, and the price of 10 grams of 24-carat gold is Rs 88,730
Mumbai: The price of 10 grams of 22-carat gold is Rs 81,20,0, and the price of 10 grams of 24-carat gold is Rs 88,580
Kolkata: The price of 10 grams of 22-carat gold is Rs 81,20,,0 and the price of 10 grams of 24-carat gold is Rs 88,580
Chennai: The price of 10 grams of 22-carat gold is Rs 81,20,0, and the price of 10 grams of 24-carat gold is Rs 88,580
Gold has become costly by Rs 10,681 since January 1
This year, from January 1 till now, the price of 10 grams of 24-carat gold has increased from Rs 76,162 to Rs 86,843. This year, gold has become costlier by Rs 10,681, while the price of silver has increased by Rs 12,305 from Rs 12,305 from 86,017 per kilogram to Rs 98,322.
Why is the price of Gold in India skyrocketing?
As per TOI, the increase in gold prices was driven by safe-haven demand, bolstered by cooler-than-expected US consumer inflation data, which reinforced expectations of further monetary easing by the Federal Reserve this year.
In layman's terms, it can be understood that gold prices went up because people sought it as a safe investment, encouraged by lower-than-expected inflation in the US and the expectation that the US central bank might lower interest rates to help the economy. Traders are now focused on upcoming US economic data.