Gold and Silver Price: In gold and silver prices, the colour of buyers is fading rapidly with the jewellery market. On Monday, 24-carat gold prices touched a record high of Rs 85,500 per 10 grams. At the same time, silver is also close to touching a record level of one lakh rupees. It has increased to Rs 98,500 per kg.
Gold prices continue to rise
Silver prices rose from Rs 96,500 to Rs 2,000 per kilometre on January 29. Meanwhile, gold prices have risen by around Rs 2,500 per 10 grams in a week. On January 29, the price of 24 carat gold was Rs 83,000 per 10 grams in Delhi. This trend of price increase due to international reasons is expected to continue in the coming days, which is in doubt in the jewellery market.
According to marketers, the record sharp rise in gold and silver prices is affecting the demand for bullion and jewellery. It has declined by 20 to 30 per cent. In which the main demand related to marriage is.
Inflation increased due to tariff war at the international level
According to experts on the issue, US President Donald Trump announced that there has been a climate of instability in international markets since he imposed high tariffs on imports of many goods imported from China, Canada and Mexico. The international tariff war starting with Canada is deeply feared and import tariffs on U.S. products are also rising in the form of a counter-attack.
Rupee weakens against dollar
At the same time, the depreciation of the rupee against the dollar also affects the price of gold and silver, precious metals are imported. According to Pankaj Arora, national president of the All India Jewellers and Goldsmiths Federation (AIJGF), Trump has warned of high import duties on several other countries as well. This creates an environment of volatility in the market internationally. Whenever such a situation arises, investing in gold and silver is considered profitable.
The trend of governments as well as investors is also increasing there. This is the situation right now. This time, investment in Bitcoin is also a trend. He explains that such a situation was also seen in the past during the Russia-Ukraine war.
Partial impact of this increase on weddings
According to Yogesh Singhal, Delhi patron of the All India Jewellers Association and chief jeweller of Kucha Mahajani, if the price of gold and silver is rising, it is inevitable that it will be affected on demand. Especially when the wedding season is going on. This wedding season is till June. People already order jewellery. In such a situation, this increase has a partial effect on weddings this month, but the increase next month has a wider effect.
There was a sudden lack of customers in the market
People have reduced orders considerably. He is waiting for the fall in gold and silver prices. According to Tarun Gupta, president of the Dariba Jewellers Association, there is a sudden shortage of customers in the market for two days. Those who need to buy. He is emphasising on low weight jewellery.