Surge in gold and silver prices observed last week; festive season expected to drive further hikes.

Surat — The prices of gold and silver witnessed a significant increase last week, recovering from the declines experienced after the 2024 Budget's tax reductions. Gold, which had dipped well below ₹70,000 per 10 grams, has now rebounded to ₹73,500 per 10 grams. Similarly, silver prices, which had dropped to around ₹82,000 per kilogram, have now surged to ₹86,000 per kilogram.

Bakulbhai Sanghvi of Rajratan Jewelers, Surat provided insights into the gold market, noting that gold was priced at ₹7.22 lakh per 100 grams last Monday. Throughout the week, prices steadily climbed, reaching ₹7.35 lakh per 100 grams by Sunday. This increase of approximately ₹1,130 per 10 grams within a week indicates a strong upward momentum, which is likely to continue in the coming weeks.

In parallel, the price of silver also experienced a significant rise. Dilipbhai Tibrewal of Bishandayal Jewelers, Surat mentioned that from Monday to Sunday, silver prices increased by ₹2,000 to ₹2,500 per kilogram, with Sunday’s price reaching ₹86,000 per kilogram. He emphasized that the upcoming festive season and favorable marriage dates are expected to fuel further price increases.

Adding to this, Mukeshbhai Rungta of Maharani Silver, located in Westfield Mall on Ghodod Road, Surat reported robust sales of silver items, including wedding utensils and idols. He noted that silver has been trading between ₹82,000 and ₹86,000 per kilogram over the past week, with strong expectations of further price hikes as the festive season approaches.