BENGALURU: With Dasara around the corner and Deepavali just a month away, the prices of gold and silver have skyrocketed. On Sunday, gold and silver prices reached record highs in Bengaluru.
Gold price has crossed Rs 75,000 per 10 grams, with 24-carat gold priced at Rs 75,590 and 22-carat gold at Rs 69,990. Silver prices have also surged, crossing Rs 76,000 per kg, with rates touching Rs 95,000 per kg.
According to Karnataka Jewellers Association president T A Saravana, this is an all-time high, and prices may not drop soon, and consumers should be prepared for further price hikes.
This price hike comes just before the festive season, forcing people to think twice about buying gold and silver for Dasara and Deepavali.
Roopa, a customer, said, “We believe purchasing gold during the festive season is auspicious. Of course, the price hike affects a lot. But we will purchase with our savings. If we want to buy gold there are no second thoughts. We wil purchase it any cost”.
Another customer, Yukta, said, “We cannot do anything. If gold price drop, it would be better. My mother is purchasing jewellery for me ahead of festival”
The prices of gold and silver have reached an all-time high due to several factors are as follows:
- Weakening of the US dollar
- Continuous conflicts in Russia, Ukraine, and Israel, affecting global economic stability and gold prices
- Significant reduction in Federal Reserve interest rates
- Higher demand for gold than supply
- Increased investment in gold by individuals
- Experts predict that gold and silver prices may continue to rise, potentially crossing Rs 1 lakh per kg.
Meanwhile, prospective buyers are worried about the price hike, especially during the festive season.