After the central government reduced taxes on gold and silver in the recent budget, prices of these precious metals initially decreased. However, over the past two weeks, both gold and silver have experienced a consistent rise. In the last week alone, gold prices have surged by ₹12,000 to ₹15,000 per 100 grams—equivalent to an increase of ₹1,200 to ₹1,500 per 10 grams—while silver has risen by ₹3,000 per kilogram. Despite the upward trend in prices, the demand for jewelry in Surat remains strong, indicating that investors continue to trust gold more than property and the stock market.
Gold Prices Increase by ₹1,200 to ₹1,500 per 10 Grams: Rishabhbhai Sanghvi
Rishabhbhai Sanghvi of Rajratan Jewelers reported that since last week, gold prices have risen by approximately ₹12,000 to ₹15,000 per 100 grams, translating to ₹1,200 to ₹1,500 per 10 grams. "On Sunday, gold was priced at ₹7.59 lakh per 100 grams, or ₹75,900 per 10 grams," Sanghvi said. He anticipates that the upward trend will continue due to the upcoming Diwali festival and the subsequent wedding season, which traditionally boost gold purchases.
Silver Sees an Increase of Approximately ₹3,000: Dilipbhai Tibdewal
Dilipbhai Tibdewal of Bishandayal Jewelers noted that silver prices have climbed by about ₹3,000 per kilogram over the past week. "On Sunday, silver was trading at ₹90,000 per kilogram," he stated. Tibdewal highlighted the significance of the upcoming Federal Reserve meeting on September 21. "The market is closely watching the interest rate decisions. If interest rates rise, silver prices are likely to increase; if they fall, prices may decrease or remain stable," he explained, adding that silver traders are particularly attentive to this meeting.
Growing Trust in Gold Among Investors: Basudev Adhikari
Basudev Adhikari, head of the Bengali Jewelers Welfare and Charitable Trust, told Loktej that gold prices are currently at near all-time high. "Last month, gold was priced between ₹72,000 and ₹73,000 per 100 grams. As of Sunday, it has risen to between ₹75,000 and ₹76,000 per 100 grams," Adhikari said. Despite these record-high prices, large jewelry manufacturing units are experiencing robust demand. "This trend shows that people's trust in gold has increased," he remarked. However, he noted that smaller factories are seeing slightly less activity compared to larger ones. Adhikari emphasized that despite the surge in gold prices, the demand for jewelry remains steady. "This proves that investors have more confidence in gold than in property or the stock market," he added.
The consistent rise in gold and silver prices underscores the enduring appeal of precious metals as secure investments, especially during times of economic uncertainty. With major festivals like Diwali approaching and the wedding season on the horizon, demand for gold in Surat is expected to remain strong, potentially driving prices even higher in the coming weeks.
