Hey there, Pune folks! Here’s the latest scoop on the spike in gold and silver prices that’s got everyone talking.
On Tuesday, 22nd October, the price of gold shot up by ₹350, hitting ₹81,000 per 10 grams in the Sarafi market in Delhi. And it’s not just gold that’s on the rise – silver prices also saw a significant surge, jumping by ₹1,500 per kg and crossing the ₹1 lakh mark.
So, what’s causing this sudden increase in prices? Well, it’s the festive season, of course! With Diwali just around the corner, consumer demand for gold has gone through the roof. On the other hand, industrial demand has been driving up silver prices, especially since silver is commonly used in jewelry and utensils.
In fact, silver has seen its fifth consecutive session of price hikes, reaching a whopping ₹1.1 lakh per kg. And experts are predicting that silver prices could climb even higher, hitting ₹1.10 lakh before Diwali rolls around.
Over on the Multi Commodity Exchange of India Limited (MCX), gold prices climbed by ₹208, reaching ₹78,247 per 10 grams on Tuesday. Meanwhile, silver also saw a boost, increasing by ₹882 per kg and reaching ₹98,330. On the global stage, gold on COMEX hit $2,747 an ounce, while silver reached $34.41 an ounce.
Amit Modak, the Chief Executive of PN Gadgil and Sons (PNG), shared some insights into the situation. According to Modak, the rise in gold and silver prices can be traced back to the conflict between Hamas and Israel last year. With the conflict escalating and other countries getting involved, it’s unlikely that prices will drop anytime soon. Additionally, the American economy has been struggling, leading to industries facing challenges unless interest rates are lowered and inflation eases. The US Federal Reserve has already started cutting interest rates, which has only fueled the increase in gold and silver prices.
Modak also mentioned that the demand for electric vehicles and solar panels has been on the rise. Since silver is used in these products, the surge in sales has led to an increase in silver consumption, further driving up prices.
So, there you have it – the lowdown on the gold and silver price hike. Stay tuned for more updates as the situation continues to unfold!
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