BENGALURU: Ahead of the Ugadi festival and upcoming wedding season in the state, the price of 24 karat gold has crossed Rs 60,000 per 10 grams.
On Friday, 10 gm of 24k carat gold was trading at Rs 60,370 while 22k carat gold was trading at Rs 55,350, and silver rate was at Rs 74,400 per kg. On March 15, the price of 10 gm of 22k carat gold was trading at Rs 52,490, while the price of 10 grams of 24k carat gold was trading at Rs 57,790. For the past four to five days, the price has been on an upward spiral.
On Monday, the price of 22k carat gold traded at Rs 54,850, a drop of Rs 500 compared to the trading previous day. The price of 10 grams of 24k carat gold is Rs 59,830, where the price has dropped by Rs 540 compared to the previous trading day. The price of silver is Rs 74,400 per kg.
Factors that affect gold prices in India
- Inflation in US
- Bank crisis in the US
- Uncertainty in revision of interest rate
- Most businessmen investing in gold
“For the past week, gold rates have been high, and the price for one gram of gold is Rs 5,500. The price has increased in a week and it has become difficult for consumers to purchase gold. The prices of silver have also increased”, said Sheela, manager at RR Gold Palace.
“The price of everything has spiked ahead of Ugadi and the wedding season. It has become difficult for the common man to purchase gold. The cost of living has increased, but there has been no commensurate increase in salaries. Gold jewellery is one of the most important things for women. During wedding season, whatever be the gold price, people have to buy it,” said Chaithra, who was looking to purchase gold.