Ajit Karn
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Gold prices are on fire and every day it is creating new records. Encouraged by the increase in sales during Diwali and Dhanteras in October last year, jewelers were expecting an increase in demand in the new year, but the rate at which the price of gold is rising, seems to be dashing these hopes. Internationally, gold prices have increased from around $1,615 in November 2022 to around $1,921 an ounce now. According to the Indian Bullion Jewelers Association, gold is trading at a new record high of Rs 5,681 per gram in the domestic market.
Old record was broken last week
Last week on Friday, Gold touched a new high of Rs 56,245 per 10 grams, breaking its record for the last 28 months. This was its new high after August 2020. Let us tell you that earlier on August 8, 2020, the price of gold had reached Rs 56,191 per 10 grams. On the other hand, on the first trading day of the week, it reached a new record high on Monday and according to Indian Bullion Jewelers (IBJ), gold has reached Rs 56,810 per ten grams.
sky high price in domestic market
Talking about the domestic market, according to the website of the Indian Bullion Jewelers Association (IBJA), Fine Gold (999) was trading at Rs 56,681 after removing GST till 2.30 pm on Monday. Apart from this, the price of 22 carat gold was Rs 55,450 per 10 grams and 20 carat gold was at Rs 50,560 per 10 grams.
Significantly, mostly only 22 carats are used for making jewellery. Some people also use 18 carat gold. Hall mark is made on the jewelery according to the carat. 999 is written on 24 carat gold jewellery, while 958 is written on 23 carat, 916 on 22 carat, 875 on 21 carat and 750 on 18 carat.
Effect of low inflation in US
According to experts who closely monitor the commodity market, the impact of the reduction in US Inflation figures is being seen on gold prices. There has been a fall in the dollar index, due to which there is a strong increase in the prices of gold in foreign markets. Due to this, the price of gold is on the high even in the domestic markets.
before the wedding season
This big jump in gold prices has come at a time when the wedding season is about to begin. Due to the decrease in the inflation rate, the expectation has increased that now there will be a brake on the pace of increase in interest rates by the US Federal Reserve (US Fed). On the other hand, a decline was registered in the global rate of silver.
