Gold and silver prices: This week, there has been a steady increase in the prices of gold and silver, which has increased the difficulties of buyers. The price of 24 carat gold in Jaipur bullion market on Monday was Rs 80,000 per 10 grams, which increased to Rs 81,400 by Friday. However, such a jump was not seen in silver. On Friday, silver fell by Rs 300 to Rs 93,300 per kg.
Gold price reached Rs 81,000 per gram on January 17
Gold prices have been rising steadily since January 1. Standard gold was around Rs 78 thousand per gram on December 31, which increased to above Rs 81,000 by January 17. It is worth noting that at the time of Diwali, gold had crossed its all-time high of Rs 82,000 per 10 grams.
Reasons for price rise
The rupee has weakened due to the strength of the dollar abroad, high crude oil prices and outflow of foreign capital. The rupee has weakened by 16 paise against the dollar, which has also strengthened the price of gold. Along with this, prices are also rising due to increased demand for gold and silver in the local markets.
Experts’ opinion
According to experts, the demand for gold is increasing as a ‘hedge’ amid global economic uncertainty related to Donald Trump’s policies and concerns about rising inflation. Apart from this, the purchase of gold by central banks of other countries including China and India has fueled enthusiasm among investors. This is the reason why gold prices are seeing a steady rise.