Gold Hits ₹88,900, Silver Crosses ₹1 Lakh Mark in Nagpur
Nagpur, India: Gold and silver prices in Nagpur touched an all-time high on Wednesday. Gold prices jumped to ₹88,900 per 10 grams, while silver reached ₹1,01,100 per kilogram in the Sarafa market, Itwari.
Current Gold Prices (Per 10 Grams):
- 24 Karat: ₹88,900 (Sale) | ₹87,900 (Purchase)
- 22 Karat: ₹82,700 (Sale) | ₹80,700 (Purchase)
- 18 Karat: ₹69,300 (Sale) | ₹67,300 (Purchase)
- 14 Karat: ₹57,800 (Sale) | ₹55,800 (Purchase)
Why Are Prices Rising?
Jewellers say the prices have gone up because of high demand in India and abroad. Rajesh Rokde, Chairman of the Nagpur Sarafa Association and Director of Rokde Jewellers, said that the price rise is due to global uncertainty and the US increasing tariffs on countries like Canada, Mexico, and China.
Many countries are also reducing their reliance on the US dollar, which is making gold a safer option for investment. Additionally, the US Federal Reserve might cut interest rates, which makes gold more attractive to investors.
Gold and Silver Likely to Go Higher
After a strong response during Diwali, jewellers expect heavy demand during Gudi Padwa and Akshaya Tritiya, which could push prices even higher. Experts believe that gold may touch ₹1 lakh per 10 grams and silver may reach ₹1.25 lakh per kilogram by the end of the year.
Gold May Hit ₹2 Lakh in the Coming Years
According to a recent report by Sean Boyd, Chairman of Agnico Eagle, gold prices may rise to ₹2 lakh per 10 grams in the next few years. Historical data from the World Gold Council shows that gold has provided an average return of 10% every year since 1971.
Good Time to Buy During Price Drops
Rokde suggested that when gold and silver prices fall, it is a good opportunity for buyers to invest.
(Note: Prices mentioned do not include GST and other charges.)
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