Gold, Silver Price Today: Jewelery wholesalers and retailers in India believe that this Dhanteras the demand will be low and especially the quantity will reduce. He said that even though the customs duty may be low, the prices of the yellow metal have reached a record high ahead of the festival of Diwali. The price of gold has currently reached Rs 81,000 per 10 grams in the bullion market of Delhi. Whereas silver has crossed the level of Rs 1 lakh per kg.
Suvankar Sen, Managing Director and CEO of Senco Gold and Diamonds, believes that sales are expected to decline due to the rise in prices of precious metals. He said that compared to the last Dhanteras, this year there will be at least a 10-12 per cent decline in sales in terms of quantity because the prices have increased a lot. We can achieve about 12-15 per cent growth in sales in value terms.
Also read: Best Credit card: These credit cards will save your money in Diwali shopping, joining and annual fees are also zero.
Sleep became 350 rupeesCostly,Silver price also increased by Rs 1500
According to All India Bullion Association, on Tuesday the price of gold increased by Rs 350 to Rs 81,000 per 10 grams, which is its record high so far. At the same time, the price of silver has increased by Rs 1,500 for the fifth consecutive day and has reached the level of Rs 1.01 lakh per kg.Talking about the international level, the price of one ounce spot gold in Comex was trading at $ 2,735.50 with an increase of 0.58 percent. At the same time, the price of silver was also rising by 1.10 percent at $ 34.15 per ounce.
In Multi Commodity Exchange (MCX), the price of contract for delivery in the month of December increased by Rs 279 or 0.36 percent and reached the level of Rs 78,318. 14,924 lots were traded in this. At the same time, the price of silver increased by Rs 852 or 0.87 percent to Rs 98,300 per kg. In this, 26,583 lots were traded. Commodity market experts said that the prices of precious metals increased due to buying of fresh deals by traders.
Also read: What is the meaning of Trigger SIP, how does this strategy work, for whom is this method of investment better?
This time due to global uncertainties the price of gold has increased very rapidly. Domestic and international prices are at an all-time high. Gyanshekhar Thiagarajan, co-founder and CEO of Comtrendz Research, told PTI that consumer interest has diminished somewhat due to rising prices. However, as has been the case for decades, investors become accustomed to higher prices over time and demand increases again.
Saurabh Gadgil, managing director of PN Gadgil, said the industry is expected to reach last year’s level in terms of volumes. T S Kalyanaraman, managing director of jewelery retailer Kalyan Jewellers, said that considering the good number of customers during the second quarter, we are optimistic about sales during the festive season.Pre-orders for festivals are also looking good. Sachin Jain, Regional CEO (India) of the World Gold Council, said that despite gold prices reaching record highs, there are indications that there has been a surge in gold purchases again due to festivals.