Gold prices hit record high of Rs 65,400/ 10 grams

 

 

 

 

 

 

The gold prices are shinning bright these days due to strong demand. In the city, the gold prices had soared to record high levels to Rs 65,400 per 10 grams on Thursday. This is the first time that gold prices have breached Rs 65,000 per 10 grams level. Similarly, silver prices are being quoted at Rs 73,300 per kg. The gold and silver prices are without GST and Hallmarking charges. “There is robust demand for gold jewellery which is pushing the prices to record high levels. It is estimated that there will be more than 35 lakh weddings taking place this year. With this, the growth in demand for gold jewellery is expected to be 10 per cent higher, as compared to the previous year,” said Rajesh Rokde, Director of Rokde Jewellers, Secretary of Nagpur Sarafa Association and Vice Chairman of All India Gem and Jewellery Domestic Council (GJC) while speaking to The Hitavada.

 

Rokde said that the demand for gold and silver in the domestic market differs from other countries of the world. India is unique country as there are a large number of festivals taking place all year round which fuels demand for jewellery. During these festivals people spend money which in turn pushes demand and growth in the economy. Also, with a large population base in the country lowers the chances of recession. “Coupled with these factors the precious metal prices have appreciated to new highs rapidly within a short span of time,” he said. Rokde said that people can buy gold anytime for any occasion, as its prices rise over a period of time. Gold is the preferred asset during times of crisis in the world which is why gold prices are going through the roof, he added. Rokde expects the gold prices to appreciate to Rs 75,000 per 10 grams this year.

 

Kishore Sheth, Director of Batukbhai and Sons Jewellers said that there will always be heavy demand for gold jewellery as the women prefer gold over all other assets. They buy gold jewellery not just to wear during weddings and auspicious occasions, but also as a good investment for the household. As incomes rise the demand for gold will accelerate and push prices higher. In fact, people will adjust to higher rates and buy gold. “Gold is known as a ‘safe haven’ because of its acceptance as a global currency,” he said. He advises people to buy gold whenever the prices decline. Whenever there is crisis in world economy the gold and metal prices advance to higher levels. Currently, there is fear of global recession and rising inflation which is driving gold prices northwards, he added.