Pune: Gold and Silver Prices Continue to Surge; Predicted to Rise Further Ahead of Diwali
Pune, 23rd October 2024: The hike in gold and silver prices persisted on Tuesday, 22nd October. Gold prices increased by ₹350, reaching ₹81,000 per 10 grams in the Sarafi market in Delhi. Similarly, silver prices surged by ₹1,500 per kg, crossing the ₹1 lakh mark.
Due to the festive season, consumer demand for gold has risen, while industrial demand has driven up silver prices. Silver, often used in jewelry and utensils, saw its fifth consecutive session of price increases, reaching ₹1.1 lakh per kg. It is predicted that silver prices may climb to ₹1.10 lakh before Diwali.
On the Multi Commodity Exchange of India Limited (MCX), gold prices rose by ₹208, reaching ₹78,247 per 10 grams on Tuesday. Meanwhile, silver increased by ₹882 per kg, reaching ₹98,330. On COMEX, a global metals futures market, gold reached $2,747 an ounce, and silver hit $34.41 an ounce.
Amit Modak, Chief Executive of PN Gadgil and Sons (PNG), stated, “Gold and silver prices have been on the rise since Hamas attacked Israel in October last year. Now, as the war has escalated with other countries becoming involved, it’s unlikely that prices will decrease until the conflict ends. Additionally, the American economy has weakened. Industries are predicted to struggle unless interest rates are reduced, and inflation eases. The US Federal Reserve has now initiated a cycle of interest rate cuts. Following the rate cuts, gold and silver prices have further increased. Moreover, both Europe and America’s economies are slowing down, leading gold to be viewed as a safer investment. As a result, gold prices are expected to continue rising.”
Modak further added, “Currently, the demand for electric vehicles and solar panels has increased. Silver is used in solar panels and in manufacturing parts for electric vehicles. With the rising sales of these vehicles, silver consumption has also grown, contributing to the price hike.”
