Nagpur, India- Gold prices have been climbing steadily and reached a new peak on Monday, hitting Rs 75,000 per 10 grams. This is a remarkable increase, over 12 times higher than what it was 20 years ago. Experts believe this surge is due to global factors and geopolitical tensions in the Middle East. Additionally, increased investor confidence in gold and its strong demand in India are driving the prices up.

Similarly, silver has also seen significant growth. On Monday, it reached Rs 94,500 per kilogram in Nagpur Sarafa Bazar, which is more than 8 times its price 20 years ago. These prices do not include the 3 per cent Goods and Services Tax.

To put this in perspective, in 2004, gold was priced between Rs 6,110 and Rs 6,200 per 10 grams, while silver was between Rs 11,500 and Rs 11,770 per kilogram. Experts note that many people are now buying silver ornaments and utensils, a trend that has gained popularity in India, especially during festivals and special occasions.

Rajesh Rokde, Secretary of Nagpur Sarafa Association and Vice Chairman of the All India Gem and Jewellery Domestic Council (GJC), attributes the rising prices to several factors: geopolitical uncertainty, expectations of interest rate cuts, and bulk purchases by various countries. He also mentions that the domestic demand for gold is strong, particularly with the upcoming marriage season, even though prices are at a record high.

Rokde points out that gold's upward price trend has increased its appeal as an investment, especially among young people. Many jewellers in the city believe that the prices of gold and silver will continue to rise.