Gold and Silver Prices Surge to New Heights
Record Highs for Gold and Silver Prices
Gold reaches a record price of ₹91,250 per 10 grams, while silver rises by ₹1,000 per kilogram to ₹1,05,000.
Gold Price Today (Business Desk): The upward trend in the prices of these precious metals continues unabated. On Wednesday, both gold and silver saw significant price increases. Gold prices surged by ₹300, reaching a record high of ₹91,250 per 10 grams. Meanwhile, silver maintained its shine, climbing ₹1,000 per kilogram to reach ₹1,05,000.
Price Increases Expected to Continue
Economic analysts suggest that the primary reason for the rising prices of both metals is the sustained strong demand in domestic and international markets. They believe that ongoing global trade tensions and geopolitical uncertainties are making investors cautious about other financial assets, thereby increasing the demand for gold. Notably, gold has crossed the ₹90,000 mark for the first time in India, while internationally, its price has reached $3,000 per ounce for the first time.
How to Check Gold Purity
Each carat of gold has a distinct hallmark number. For instance, 24-carat gold is marked as 999, 23-carat as 958, 22-carat as 916, 21-carat as 875, and 18-carat as 750. This ensures there is no doubt about its purity. Typically, 22-carat gold, which is 91.6% pure, is primarily used for making jewelry.
Reasons Behind Rising Prices in India
The increase in gold prices by ₹700 is attributed to heightened purchasing activity ahead of the wedding season and global uncertainties. On Wednesday, gold reached a new peak of ₹91,950 per 10 grams, marking the highest level to date. It had closed at ₹91,250 per 10 grams the previous day. Local jewelers have ramped up purchases in anticipation of weddings and festivals. Additionally, rising tensions in the Middle East and concerns over economic sluggishness in the United States are contributing factors.
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