On Thursday, as per the Good Returns website, the price of the precious yellow metal jumped close to Rs 49,000 from Rs 48, 590. On the other hand, the silver price dipped by Rs 2,000 to reach Rs 69,000.
For the unknown, the prices of gold jewellery are different all across India. Despite the country being the second-largest consumer of precious metal the prices vary pertaining to the differing excise duty, state taxes, and making changes in different states.
As of in the nation’s capital, the price of 22-carat gold is Rs 46,900 per 10 gm after a fall of Rs 440. Moving down south, the price of the yellow metal in Chennai dipped to Rs 45,290. The price of gold has soared to Rs 48,000 in Mumbai, as per the data available on the Good Returns website. In Chennai, the price of 24-carat gold in Chennai was Rs 49,400 per 10 gm.
Speaking of the international market, the price of silver hiked on Wednesday. It rose by the hopes that global stimulus measures would prompt a pick-up in industrial demand, post a steep decline from a near-eight-year peak scaled with the help of social media-inspired buying trends.
Spot silver hiked 0.6 percent to $26.76 per ounce at 1.49 PM EST. Later it fell more than 8 percent on Tuesday.
The recent trends have attracted a bunch of new interest in silver. Speaking of the same, Bob Haberkorn, senior market strategist at RJO Futures, said, “Not necessarily Reddit investors, but just people out there looking at silver as an undervalued asset.”
He also indicated that there is an increased demand for silver at this point. Prices soared to $30.03 on Monday, after retail investors tried to copy a GameStop style rally.
The sudden surge in demand left the silver dealers scrambling to find suppliers of coins and bars.
Where the Spot gold fell 0.2 percent to $1,833.93 per ounce, the US gold futures settled up 0.1 percent at $1,835.10.