A significant surge in the price of gold has been observed across India over the last seven days, creating a considerable financial strain on potential buyers. The price of the purest form of gold, 24-carat, has dramatically increased by Rs 5,010 for every ten grams, leading to unprecedented rates in several major urban centers.
The bullion market in Delhi now sees 24-carat gold trading at a peak of Rs 95,820 per 10 grams. Simultaneously, the price of 22-carat gold in the capital has reached Rs 87,850. This pricing trend is mirrored in other northern cities such as Jaipur, Lucknow, and Chandigarh, where 22-carat gold is also being sold at Rs 87,850, and 24-carat gold at ₹95,820 for the same quantity.
Moving to the major metropolitan areas, Kolkata, Mumbai, and Chennai are experiencing similar upward pressure on gold prices. In these cities, 22-carat gold is currently priced at ₹87,700 per 10 grams, while 24-carat gold is retailing at Rs 95,670. Interestingly, Bhopal and Ahmedabad show slightly lower figures, with 22-carat gold at ₹87,750 and 24-carat gold at ₹95,720 per 10 grams.
The southern city of Hyderabad is also witnessing the prevailing trend, with 22-carat gold quoted at ₹87,700 and 24-carat gold at Rs 95,670 for a 10-gram unit.
Adding to the concerns of consumers, silver prices have also experienced a substantial increase. Over the past week, the cost of silver has jumped by ₹6,000 per kilogram. The current trading price for one kilogram of silver stands at Rs 1,00,000, crossing a significant psychological threshold in the market.
Experts in the financial sector suggest that the sharp rise in the prices of both gold and silver can be attributed to a confluence of factors. These include prevailing global economic instability, escalating geopolitical tensions across various regions, and a notable increase in investors seeking the security of precious metals as safe-haven assets during uncertain times.