Gold and silver prices in Jaipur hit record highs, standard gold now reaches Rs 59,200
Bullion traders predict that the rise in excise duty will cause further increases in the price of precious metals in the near future.
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JAIPUR: The weakening of the dollar has led to a continued rise in the price of gold and silver. On Wednesday, the price of standard gold hit a record high of Rs 59,200 after an increase of Rs 500. The price of silver per kg has also gone up by 1350.
Bullion traders predict that the rise in excise duty will cause further increases in the price of precious metals in the near future.
The price of 24-carat gold per 10 grams in Jaipur has risen to Rs 59,200. The price of 22-carat gold per 10 grams is now 56,000 rupees. 18-carat gold is priced at 49,000 rupees per 10 grams and 14-carat gold is at 40,000 rupees per 10 grams. Additionally, the price of refined silver per kg has increased to Rs 71,600.
A bullion trader in Jaipur stated that the impact of both the international and Indian markets can be seen on precious metals. Despite the wedding season, people are purchasing gold and silver jewelry based on their needs, instead of buying them as an investment, which has become unprofitable due to rising prices. As a result, a growing number of people are selling gold for profit in the market.
There are three reasons why the gold and silver prices in Jaipur are on the rise. The Dollar index was at 114 in October but has since dropped to 102. This has resulted in a higher cost of gold.
In 2022, central banks worldwide have acquired approximately 400 tonnes of gold. China, which hadn’t increased its gold reserves since 2019, purchased 32 tonnes in November.
Economists at South Africa’s Nedbank report that gold production declined by 10.4% in October and 5.1% in September.
