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Now it’s the turn of Dhanteras and Diwali. The wedding season is just around the corner. Even experts are having a hard time predicting the next record for gold and silver. For the first time in history, the price of gold and silver has reached such a high level. During Navratri alone, 24-carat gold increased by Rs 5,500 per 10 grams, and silver by Rs 12,470.
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Patna: Gold and silver broke all records during Navratri, setting new price highs.
Now it's the turn of Dhanteras and Diwali. The wedding season is just around the corner. Even experts are having a hard time predicting the next record for gold and silver.
How much did the rate rise during Navratri?
For the first time in history, the price of gold and silver has reached such a high level. During Navratri alone, 24-carat gold increased by Rs 5,500 per 10 grams, and silver by Rs 12,470.
Gold Price: Gold may be costlier on Dhanteras; Click here for details
A little relief for now
For now, the latest rates offer some relief. Gold has become cheaper in the Patna jewelry market compared to yesterday, while silver prices have remained stable. Gold prices have seen a decline of ₹300 per 10 grams. Market observers say the current trend is an upward trend for both metals. There are several global reasons for this. Given the current situation, it's possible to predict that gold could surpass ₹150,000 per 10 grams by the end of this year.
Prices Increased 48% Over the Year
Gold is loved by everyone in India. But if the price of gold spirals out of control, how will people buy it? This year, Dussehra was celebrated on Thursday, October 2nd. The retail price of 10 grams of gold that day was ₹1.16 lakh (1.16 lakh rupees). This is a 48% increase from last year's Dussehra price of ₹78,000 per 10 grams. Customers have to pay 3% GST in addition to the price of gold. Jewellers also charge 15-30% making charges depending on the design of the jewellery.
Last Dussehra was better
IBJA National Secretary Surendra Mehta says that last year's Dussehra was better. 24 tons of gold was sold across the country. This year, prices on Dussehra were ₹1.16 lakh per 10 grams. This has affected demand. He says that people are now exchanging old gold instead of buying new gold. Mehta further explained, "However, customers have started buying gold. They feel that prices will not come down from this level soon. Customers are placing orders for the upcoming Dhanteras, Diwali, and wedding season."
