IT APPEARS that the gold prices aremovinginonedirection that is -- northwards --, with its price touching a new high on Wednesday. The gold price has touched a new lifetime high of Rs 77,000 per 10 gram in the city due to strong demand.Afteragoodresponse in Dussehra, city jewellers are confident that the coming Diwali there will be exceptionally robust demand. Mostjewellers are confident that the gold price could go up to Rs 80,000 to Rs 85,000 per 10 gram within the next six months. Similarly, silverprices are being quoted at Rs 93,000 per kg. Silver is also expected to go up to Rs 1 lakh per kg in same period, jewellers added. Rajesh Rokde, Director of Rokde Jewellers, Secretary of NagpurSarafaAssociation and Vice-Chairman of All India Gem and Jewellery Domestic Council (GJC) told The Hitavada that this is the first time thegoldpricehas touched a high of Rs 77,000 per 10 gram in the city (prices are without Goods and Services Tax (GST) and other charges).

 

 

 

“There is ahuge demand for gold jewellery in the country. Our country is the second largest importer of gold in the world. We have imported 325 tonnegoldin thepast4months. This reflects the faith people werehaving towards gold as an asset. The festive demand is driving the gold price to higher level in the country,” he further added. Apart from this, therearevariousglobal factors thataredriving the gold price to reach alltime high levels in the international market. Geopolitical instability in different parts of the world like Europe and Middle-East are pushing gold prices higher. Gold is considered a global currency, therefore, a large number of central banks are purchasing gold and storing it in their reserves to strengthen their currencies. Furthermore, the US Federal Reserve is expected to slash interest rates for the second timein thenear futurethisyear. It is seen that gold prices tend to rise when interest rates are lower, he pointed out. Kishor Sheth, Director of Batukbhai and Sons Jewellers, said that gold prices are creating history due to strong demandin thedomesticaswell as global markets.

 

The gold prices had crossed the level of Rs65,000per10gramonMarch 8, 2024. Now gold is at a lifetime high of Rs 77,000 per 10 gram. Within seven months gold prices have increased by Rs 12,000 per 10 gram. Gold is giving fantastic returns to the investors this year, he mentioned. People have become aware that gold prices are consistently rising every year andthey trust gold. “In our country the people purchase goldas a tradition on auspiciousoccasions like Dussehra andDiwali. Looking at the encouraging demand during the auspiciousDussehra festival,jewellers are looking forward togood number of walk-ins andstrong sales during the Dwiali festival thisyear,”Sheth added.