Gold and Silver Prices Surge, Leaving Jewelers in a Dilemma Amid Festive Season

Surat: Over the past two months, gold and silver prices have been experiencing fluctuations, but last week saw a brief pause. However, in recent days, the prices of both precious metals have risen steadily, creating uncertainty among jewelry traders. On Sunday, gold was priced at Rs. 81,500 per 10 grams, while silver reached Rs. 1,00,700 per kilogram. The continued rise in prices, despite a lack of significant demand, has left jewelers cautious and uncertain about making any predictions.

Fluctuating Gold Prices: Rishabh Sanghvi's Take

Rishabh Sanghvi of Rajratan Jewelers mentioned that the price of gold on Sunday reached Rs. 8,15,000 per 100 grams, with the price per 10 grams at Rs. 81,500. He noted that in the past week, gold prices have increased by Rs. 1,000 per 10 grams. When asked about future price trends, Sanghvi said, "Given the market conditions of the last two to three weeks, it is difficult to make any predictions. However, gold prices are unlikely to fall significantly and are expected to trend between Rs. 81,000 and Rs. 83,000 in the coming days."

Silver Crosses Rs. 1 Lakh per Kilogram: Dilip Tibdewal's Insight

Dilip Tibdewal of Bishandayal Jewelers reported that silver prices reached Rs. 1,00,700 per kilogram on Sunday. He highlighted that silver has seen a rise of approximately Rs. 1,500 to Rs. 1,700 per kilogram over the past week. "Gold has also touched Rs. 8.15 lakh per 100 grams, reaching an all-time high. While silver has now crossed this milestone, it is expected to reach Rs. 1,10,000 per kilogram in the coming days," he added.

Strong Demand for Silver Products Despite Rising Prices: Mahesh Rungta

Mahesh Rungta, Director of Maharani, which specializes in silver items, observed that despite the rise in silver prices beyond Rs. 1 lakh, customer demand remains strong. He said, "Customers are placing a large number of orders for their favorite silver items, such as utensils, silver conches, silver platforms, and statues of Lord Ganesh and Goddess Lakshmi for Diwali. Orders from outside the region have been mostly fulfilled, and local orders are now being wrapped up. Demand for silver items is expected to remain high from Dhanteras to Diwali."

Small Traders Face Losses Amid Rising Prices: Basudev Adhikari

Basudev Adhikari, a prominent figure in the Bengali community and the jewelry trade, expressed concerns over the record price increases in gold and silver over the past two weeks. He mentioned that small traders are bearing the brunt of these rising prices. Adhikari explained, "It takes time to fulfill an order, and by the time the product is ready, the price may have increased, eating into any potential profit." Gold prices fluctuated between Rs. 80,500 and Rs. 82,000 last week, with the price standing at Rs. 81,500 per 10 grams on Sunday. "Given the current trend, gold prices may reach Rs. 85,000 per 10 grams in the coming days," he added.

As the festive season approaches, traders and customers alike remain on edge, closely monitoring price trends in the hope of better market stability.