On Thursday, gold prices reached ₹76,000 per 10 grams, and silver was priced at ₹93,000 per kg. With 3% GST added, the prices go above ₹78,000 for gold and ₹95,700 for silver. During the day, gold increased by ₹500 and silver by ₹1,500. Some traders made big profits due to the sudden rise in silver prices, according to sources.
Last month, silver imports reached ₹11,000 crore, which is seven times higher than the same month last year. Sources say many bullion traders who bought silver last month are now seeing huge profits, at least on paper. This gain will need to be recorded in their accounts. Meanwhile, in local markets, silver traders are buying back the metal at a discount of ₹3,000 compared to the selling price, whereas the usual difference is ₹1,000 per kg. The wider gap is due to many investors selling silver to lock in profits, said sources.
The high prices have affected silver buying, with retail counters remaining empty, said Rajesh Thakker of M/s Dipti Jewellers, a wholesale silver trading firm in Akola. However, he noted that retail demand typically slows down when prices rise sharply but eventually returns to normal levels. Rajesh Rokde of M/s Rokde Jewellers and Vice-President of the Gems and Jewellery (Domestic) Council added that silver was priced at 32 cents an ounce in the international market, compared to its peak of 49 cents in 2011.