Gold prices hovering around Rs 60,000 per 10 gm ahead of wedding season

BENGALURU: With the festive and wedding season on, the price of the gold is increasing by the day. On Monday (January 23), 10 grams of the yellow metal (24 carat) was trading at Rs 57,160, up Rs 50 from the previous day. Those planning to buy gold are thinking twice before making their purchases owing to the sharp rise in prices.

The price of silver too has increased considerably. On Monday, the price was Rs Rs 74,700 per kg as against Rs 74,300 the previous day.

On November 30, the price of 10 grams of gold of 22 carat was Rs 48,000 and 10 grams of 24 grams was Rs 58,000. Similarly, silver was Rs 58,000 in the month of October.

Factors Influencing Gold Price Rise:

Price rise in international market

Interest rate hike by US Central Bank

Most businessmen investing in gold

Rupees losing value against US dollar

Owners of jewellery stores say that if the price rise continues, the number of gold buyers and the quantity they buy will reduce. People are worried about the increase in gold prices and questioning how they can buy gold for occasions such as marriages if the trend continues, they pointed out.

Sheela, a manager at a jewellary showroom said, “Customers are hoping for a drop in prices. Compared to last month, when the price was Rs 4,700 per gram, it has now risen to Rs 5,700 per gram. People are finding it difficult to make gold purchases and are waiting for Dhanurmasa to pass. The price may go up Rs 6,000 per gram by next month”.