Amid global economic instability and growing fears of recession, investors turned to gold as a safe-haven asset last week, triggering a sharp surge in both gold and silver prices. According to market sources, pure gold prices rose by ?2,900 per 10 grams, while silver rates jumped by ?2,100 per kg over the span of a week.
By Saturday, the price of 10 grams of pure gold touched ?99,189, inclusive of 3% GST, while 22-carat gold, commonly used in jewellery, was priced at ?92,288 (including GST).
Gold prices saw consistent gains throughout the week, starting Monday, May 19, with a ?300 increase. The bullish trend continued with a ?500 hike on Tuesday and ?200 on Wednesday, taking the rate to ?94,500. A major boost came on Thursday with a sharp jump of ?1,700, pushing rates to ?96,200. Another ?400 rise was recorded on Friday. However, the rally cooled off slightly on Saturday, with gold prices dipping by ?300 to settle at ?93,400 (excluding GST).
Silver followed a similar upward trajectory, climbing by ?2,100 per kg over the week. The base price of silver reached ?98,500, and including 3% GST, the final rate stood at ?1,01,455.
Market analysts attribute the price surge to increased investor demand driven by volatility in global markets and concerns over inflation. Precious metals, particularly gold, have historically been considered a secure investment during times of financial uncertainty.
Jewelers and bullion traders expect price volatility to continue in the coming weeks, influenced by both international cues and domestic demand.
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