Gold ₹ 1670 and silver ₹ 3595 expensive in just 5 days, know how the market was this week:

News India Live, Digital Desk: Gold Price Hike: If you were thinking of buying gold or silver this week, then there is a big robbery on your pocket. In the last only five business days, the prices of these precious metals have reached the sky. The bullion market saw a tremendous rise this week, due to which the price of 24 carat gold got a huge jump of ₹ 1,670 per 10 grams, while silver also became ₹ 3,595 per kg expensive.

While this fire in prices has made investors rich, the entire budget has been shaken by the common buyers, especially the families preparing to make jewelry for marriage. Let us know why and how this stormy boom came in the market throughout the week.

How did the mercury of prices rise? Week-long account

According to the India Bullion and Jewelers Association (IBJA), the price of 24 carat gold was opened at around ₹ 72,490 per 10 grams on Monday at the beginning of this business week, which reached ₹ 74,160 per 10 grams by the market closure on Friday.

Silver prices saw even a bigger jump. On Monday, silver was at ₹ 89,175 per kg, which was closed at a record level of ₹ 92,770 per kg on Friday.

Why this fire took place in prices?

According to market experts, many international and domestic reasons are responsible for this unexpected boom:

1. Effect of international markets: Due to the expectation of reducing interest rates in the US and global political stress, investors are withdrawing money from risky investment like stock market and putting them in a safe metal. This has increased the demand for gold and prices have reached the sky.
2. Dollar weakness: When the dollar is weak in the international market, gold purchases increase, which increases its prices.
3. The festive season knock: In view of the festivals and weddings coming in India, the demand for gold and silver has started increasing in the local market. This domestic demand has also given more air to prices.

Overall, rising prices of gold and silver have once again proved that these are not just jewelry, but also an important investment. However, those who are planning to shop in the coming days, now they have to be ready to loose their pockets more than before.