Gold Shines Brighter: Prices Soar, Silver Crosses ₹1.05 Lakh Mark

New Delhi (The Uttam Hindu): The price of both gold and silver has seen an increase this week. The price of gold has increased by more than Rs 1,700. At the same time, the price of silver has increased by more than Rs 7,800.

According to the India Bullion and Jewelers Association (IBJA), the price of 10 grams of 24 carat gold is Rs 97,145, whereas on the same day a week ago it was Rs 95,355, which shows an increase of Rs 1,790 in the price of gold.

At the same time, the price of silver has increased by Rs 7,827 to Rs 1,05,285 per kg during the review period, which was earlier Rs 97,458 per kg. Silver remains close to its all-time level.

There have been several global developments in recent times that have helped push up gold and silver prices. These include rising tensions between Russia and Ukraine, the US President imposing tariffs on steel and aluminum, and China banning the export of rare earth minerals.

In times of global uncertainty, the demand for gold and silver increases worldwide as they are considered safe and their prices rise due to limited supply compared to demand.

Colin Shah, MD of Kama Jewellery, said that due to global reasons, there is fluctuation in the prices of gold in the domestic and international markets. Investors are keeping an eye on the US Fed meeting to be held in the middle of this month and only after this the direction of gold movement will be decided at the global level.

Since January 1, the price of 10 grams of 24-carat gold has risen from Rs 76,162 to Rs 97,145 by Rs 20,983 or 27.55 per cent. Silver prices have also risen from Rs 86,017 per kg to Rs 1,05,285 per kg by Rs 19,268 or 22.40 per cent.