Surat : Gold and Silver Markets See Price Rise Amid Global Tensions

Surat, August 25:  In the wake of reduced taxes on gold and silver announced in the 2024 budget, prices initially fell below INR 70,000 per 10 grams for gold and reached around INR 82,000 per kilogram for silver. However, since August 10, there has been a steady increase in the prices of these precious metals.

The volatile stock market in early August also witnessed a significant drop in the prices of gold and silver. From July 15 to the first week of August, the price of gold fell by about INR 6,000 per 10 grams and silver by INR 8,000 to 10,000 per kilogram. Now, there is a continuous rise in their prices, with market analysts attributing the upward trend to ongoing international conflicts, such as the war in Israel.

Gold to Shine Brighter, Silver Set to Reach New Highs

Rishabhbhai Sanghvi of Rajratna Jewellers noted that gold prices had seen minimal increases from INR 735,000 per 100 grams on August 17 to INR 737,000 on August 25. Although this is a modest increase of approximately INR 200 per 10 grams over the week, further rises are expected due to global tensions.

"The impact of the Israel conflict could be visible in the coming days, potentially driving gold prices higher," Sanghvi mentioned, hinting at a bullish outlook for gold if the geopolitical situation remains tense.

Dilipbhai Tibdewal of Bishandayal Jewellers observed a rise in silver prices as well, with an increase of INR 500 to 1,000 per kilogram within a week. "Silver touched INR 86,000 per kilogram recently, and we expect further increases as the festive season approaches," said Tibdewal. He assured that silver prices are set to continuously hit new highs, with no expectations of a decrease.

As the festive season gears up, both gold and silver markets in Surat are likely to see sustained interest and increasing prices, reflecting broader economic sentiments and market dynamics influenced by international events.