India’s love for Gold especially during the wedding season this year has sparked worries due to the increasing prices of Gold and coming festivities.
The conflict, which started in October, surged the hold prices to about 13-15 percent, around Rs 60,000 per 10 gm.
Source: Mint
Furthermore, according to Vipul Shah, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC), gold prices are unlikely to fall significantly from current levels in the next six months. Given that the world is amid two active wars, he estimates that prices will fall by 2-3 percent at best.
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In a conversation with Money Control, Shah even said “Until we see a ceasefire (in the conflict between Israel and Hamas) we don’t see gold prices coming down, and I don’t see that ceasefire coming soon. For the next 6 months, we are heading towards Rs 60-65,000, and in the longer run I won’t be surprised if gold prices reach levels of Rs 70,000,”
According to the GoodReturns website, the price of 24-carat gold remained unchanged during early trade on Friday, with ten grams of the precious metal selling for Rs 62,290.
Silver experienced a similar price movement, with one kilogram selling for Rs 77,200.
The price of 22-carat gold has also remained stable, with the yellow metal currently selling for Rs 57,100.
The price of ten grams of 24-carat gold in Mumbai is Rs 62,290, which is the same as the price in Kolkata and Hyderabad.
Ten grams of 24-carat gold cost Rs 62,440, Rs 62,290, and Rs 62,780 in Delhi, Bengaluru, and Chennai, respectively.
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