gold and silver
Before Akshaya Tritiya, there has been a huge increase in the prices of gold and silver. Where silver prices have crossed Rs 2.50 lakh. On the other hand, gold prices have crossed the level of Rs 1.55 lakh. If experts are to be believed, further rise in the prices of gold and silver may be seen. The biggest reason for this is the ceasefire in the Middle East war and its extension by two weeks. Due to which there may be a reduction in supply problems. Also, a decline may be seen in the dollar index. The US President has extended the ceasefire by two weeks to stop the ongoing war with Iran before the start of the second round of peace talks. Let us also tell you what the prices of gold and silver have become in the country’s capital Delhi.
How much did gold and silver become expensive in Delhi?
In the national capital on Wednesday, silver prices rose by Rs 11,800 to Rs 2.57 lakh per kg on fresh buying by jewelers and stockholders ahead of Akshaya Tritiya, while gold prices rose by Rs 3,000 to Rs 1.58 lakh per 10 gram. Akshaya Tritiya, which is considered an auspicious day to buy precious metals, will be celebrated on April 19 this year.
According to All India Bullion Association, silver prices increased by a huge Rs 11,800, or 4.81 percent. At the time of market closing on Monday, the price of silver was Rs 2,45,200 per kg, which increased to Rs 2,57,000 per kg (including all taxes). Gold of 99.9 per cent purity also jumped by Rs 3,000, or about 2 per cent, to Rs 1,58,000 per 10 grams (including all taxes). In the last trading session, the price of gold had closed at Rs 1,55,000 per 10 grams. The local bullion market was closed due to Tuesday being a holiday.
Customer response to gold
Traders attributed this huge rise in prices to pre-festival shopping and expectations of strength in retail demand. Akshaya Tritiya remains one of the most special times for the jewelery industry, both due to tradition and the all-time high value of gold. Chetan Thadeshwar, Chairman and MD, Shringaar House of Mangalsutra Limited, said that although gold prices have seen fluctuations, the buying desire of customers is still strong. They are clearly preferring lightweight, occasion-wearable and design-oriented jewellery, which suits their changing lifestyle.
Why did gold and silver become cheaper?
However, the prices of precious metals remained low in the international market. Spot gold fell USD 45.88, or about 1 percent, to USD 4,795.97 an ounce, while silver fell 1.2 percent to USD 78.61 an ounce. Saumil Gandhi, Senior Analyst, Commodities, HDFC Securities, said that the price of gold remained around USD 4,800 per ounce on Wednesday. The reason for this was the new hope that America and Iran could reach an agreement to end their mutual dispute.
Meanwhile, analysts said Washington and Tehran are working on setting up a second round of talks as talks held late last week failed to reach an agreement. Gandhi further said that expectations of easing tensions have reduced concerns about energy-related inflation shocks, which has improved the market sentiment towards precious metals.
