Gold and Silver Prices Surge Amid Global Economic Uncertainty
Amid heightened global geopolitical tensions and economic uncertainty, jewellers report that gold and silver prices continue to rise, driven by strong demand and shortages in international markets. Experts note that several countries shifting from dollar reserves to metal-backed assets has further pushed precious metal prices upward. A local jeweller said, “There is a clear divide between major global economic blocs — one pushing a petro-dollar model and the other moving towards a metal-based economy. Many countries have converted their dollar deposits into gold, increasing demand, and even international deliveries are being postponed due to metal shortage.”
Domestic Price Trends and Buying Patterns
Silver recently touched Rs 4.20–4.25 lakh per kg, while gold climbed to nearly Rs 1.85 lakh per 10 grams. On Tuesday, prices corrected slightly, with gold hovering around Rs 1.70 lakh and silver around Rs 3.60 lakh. Jewellers maintain that such fluctuations are normal, and the long-term trend remains upward. Over the past few years, gold has more than doubled, while silver prices have risen nearly four times. Despite the sharp rise, domestic demand remains broadly steady, driven purely by global factors. Customers are increasingly opting for exchanges rather than fresh purchases, with only 25% of sales coming from new jewellery.
Future Outlook and Jewellery Trends
The high prices have changed buying patterns, with demand for lightweight and machine-made jewellery rising. Low-karat pieces like 9K, 12K, or 14K are challenging to produce for handcrafted wedding jewellery but feasible for daily-wear designs. Jewellers believe the upward momentum may continue, estimating that gold could move toward Rs 2 lakh per 10 grams, while silver may reach Rs 4.5–5 lakh per kg. The current situation indicates continued reliance on precious metals amid global economic instability.
(This Article Has Been Syndicated From ANI)
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