Is 24K gold heading towards a big record by reaching ₹15,621 per gram? Is the highest gold price in Chennai a clue to the upcoming market signals? Is silver reaching ₹2.79 lakh per kg a warning of some big change for investors? Are global demand, dollar and inflation together going to create a new storm in gold and silver?
Gold Price Today India: Today such a historic earthquake has occurred in the Indian bullion market which has shocked everyone from investors to common consumers. The ongoing turmoil in the global markets, ever-increasing economic pressure and local demand just ahead of the wedding season have taken the prices of gold and silver to such dangerous levels that no one had imagined until recently. Today, prices have crossed record levels in all the major metros of the country.
Mega-blast in 24 carat gold: crosses Rs 1.5 lakh for the first time!
This unexpected rise in gold prices is no less than a big shock for domestic consumers. Due to tremendous inflationary pressure in the international markets and major changes in exchange rates against the US dollar, the price of 24K pure gold has now reached a dreadful level of Rs 15,621 per 1 gram (i.e. ₹ 1,56,210 per 10 grams). At the same time, the price of 22K gold, which is most used for making jewelery, has also been recorded at Rs 14,319 per 1 gram (₹ 1,43,190 per 10 grams). This exponential growth has made wedding shopping a very difficult puzzle for middle-class families.
Condition of metropolitan cities: In which city is gold the most expensive?
If we look at the city-wise prices, at present Chennai has emerged as the most expensive city in the entire country, where gold prices have broken all the old records:
- Delhi: In the national capital, 24K gold is trending at ₹15,636 per gram and 22K gold is trending at ₹14,334 per gram.
- Mumbai and Kolkata: The price of 24K gold in both these commercial centers is ₹ 15,621 per gram and the price of 22K is ₹ 14,319 per gram.
- Chennai: The suspense and fear proved true in this major hub of South India when the price of 24K gold hit an all-time high of ₹16,817 per gram, while 22K gold is selling at ₹14,499 per gram here.
Fierce explosion in silver: Shocked at ₹2,79,900 per kg
Along with gold, the news coming from the silver market is even more frightening. Due to the sudden surge in industrial demand and shortage of supply globally, the price of pure silver (Silver 999) in India has touched the historical figure of around Rs 2,79,900 per kg. Apart from this, the rate of Sterling Silver (Silver 925) is also running at Rs 2,74,000 per kg. The only saving grace is that the price of silver in the four major metros of the country – Delhi, Mumbai, Kolkata and Chennai – currently remains at the same level of ₹ 2,799 per 10 grams. Market analysts believe that if global conditions do not improve soon, this surge may take an even worse form in the coming days.
Warning or opportunity for investors?
Experts say that both gold and silver are currently showing a strong trend. However, price fluctuations may continue. In the coming days, global economic indicators, dollar index and policies of central banks will decide whether this shine of gold and silver will become brighter or a new turn will be seen in the market. At present, this rising journey of precious metals is increasing the heartbeats of both investors and common buyers.