The bullion market continues to witness strong momentum as the ongoing festive and wedding season drives demand for precious metals across the country. Buyers and investors alike are keeping a close watch on the rates, which have remained on the higher side in sarafa bazaars nationwide. According to traders, the sustained inquiries and footfall in jewelry showrooms are primarily fueled by seasonal requirements.
In most major cities across India, the price of 24-carat gold is currently trading in the range of ₹1.34 lakh to ₹1.35 lakh per 10 grams. Meanwhile, 22-carat gold, which is widely used for jewelry making, is hovering around the ₹1.23 lakh mark. Silver prices have also remained robust, trading in a high bracket of ₹1.95 lakh to ₹1.96 lakh per kilogram.
Rates in Madhya Pradesh
Markets in Madhya Pradesh showed minimal variation between major cities. In the state capital, Bhopal, 24-carat gold was recorded at ₹1,34,900, while 22-carat stood at ₹1,23,650. Silver in the city is trading at ₹1,95,400 per kg. Indore saw marginally higher rates with 24-carat gold at ₹1,34,920 and silver at ₹1,95,450.
In Gwalior, the rate for 24-carat gold was ₹1,34,880 per 10 grams, with silver trading at ₹1,95,300. Jabalpur recorded gold prices at ₹1,34,890 for 24-carat purity, while silver was priced at ₹1,95,350 per kg.
Trends in Major Metros
The price trends remained consistent across other states and metropolitan hubs. In Delhi, Mumbai, Kolkata, Chennai, and Bengaluru, 24-carat gold hovered near the ₹1.35 lakh mark, while silver remained steady near ₹1.96 lakh per kg.
Specific regional data shows Mumbai and Pune trading 24-carat gold between ₹1,35,080 and ₹1,35,120. In Chennai, the rate touched ₹1,35,150. In Northern markets like Lucknow and Kanpur, the price remained close to ₹1,35,000. Ahmedabad recorded rates of ₹1,35,060, while Jaipur saw trading at ₹1,35,000.
Global Market Sentiment
On the international front, precious metals continue to hold a strong position due to global economic uncertainties and the demand for safe-haven assets. In major markets including the US, UK, UAE, and China, gold is trading in the range of $4,060 to $4,075 per ounce. Silver has notably crossed the $50 per ounce mark in global trading.
Why Silver is Surging
Market analysts observe that silver has outperformed gold in terms of growth speed this year, registering a rise of nearly 70 percent in recent months. This surge is attributed not just to investment demand but significantly to industrial consumption. The increasing need for silver in solar panels, electronics, and the green energy sector, coupled with limited supply, is keeping prices elevated.
Note: The rates mentioned above are based on bullion benchmarks. Retail prices in local markets may vary due to the addition of GST and making charges.
