New Delhi: Gold prices in India witnessed a significant surge on Thursday, March 7th, leaving many potential buyers in a state of shock. This jump marks a new all-time high for the precious metal in the domestic market, causing a stir in the bullion industry.
Breaking Records:
- 24-carat gold saw its price skyrocket to a record-breaking ₹65,049 per 10 grams in the futures market.
- This translates to a ₹239 increase compared to Wednesday’s price.
- The previous record for 24-carat gold stood at ₹64,810 per 10 grams, set in August 2020.
Market Reactions:
- The sudden price hike has caused dismay among potential buyers, particularly women who traditionally invest in gold jewelry.
- Many individuals are now reconsidering their gold purchase plans due to the steep rise in prices.
Gold Price Breakdown:
| Gold Carat | Price per 10 grams (₹) |
|---|---|
| 24 (999 purity) | 65,000 |
| 22 (916 purity) | 59,584 |
| 18 (750 purity) | 48,786 per Tola |
| 14 (585 purity) | 38,053 |
City-wise Gold Prices:
| City | 22 Carat Gold (₹) | 24 Carat Gold (₹) |
|---|---|---|
| Delhi | 60,250 | 65,710 |
| Mumbai | 60,100 | 65,560 |
| Ahmedabad | 60,150 | 65,610 |
| Kolkata | 60,100 | 65,560 |
Silver Prices:
The price of silver has also seen a rise, currently trading at ₹72,121 per kilogram.
Reasons for the Surge:
While the exact reasons behind this sudden surge are unclear, several factors might be contributing:
- Global market trends: Rising gold prices on the international market could be influencing domestic prices.
- Geopolitical tensions: The ongoing war in Ukraine and other global uncertainties might be driving investors towards safe havens like gold.
- Weakening rupee: A weaker rupee can lead to a rise in the price of imported commodities like gold.
Impact on Consumers:
The record-high gold prices are likely to impact consumer demand, especially during the upcoming festive season when gold purchases traditionally increase. This could have a ripple effect on jewelers and the overall gold industry.
Conclusion:
The recent surge in gold prices has surprised many and created a dilemma for potential buyers. It remains to be seen whether this upward trend continues or if prices stabilize in the near future.
