North India Statesman
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News India Live, Digital Desk: For the last few days, a news is spreading like wildfire “Gold crosses ₹ 1,60,000 per 10 grams! Silver breaks all records, price at ₹ 3,28,000 per kg!” Just hearing this makes your heart sink, isn’t it? Those who have a wedding at home are worried thinking about it and those who have bought gold are feeling happy in their mind.
But wait! Before you take any decision or get worried, let us go into the depth of this news. The news is true, but there is a big ‘but’ hidden in it. These skyrocketing prices are not from India at all!
Then where is this fire?
These record breaking prices are from Turkey. Yes, Türkiye is currently going through a major economic crisis. Inflation has increased so much there that the value of their own currency ‘Lira’ is continuously falling. In such a situation, people there are indiscriminately buying gold and silver to save their savings. They trust gold more than their government and their currency.
When the demand for something suddenly increases and its supply is not sufficient, its prices start skyrocketing. This is exactly what is happening in Türkiye. The price of gold in the market there has crossed 50 lakh Turkish Lira.
So what is the situation in India?
Now let’s talk about our country. Gold prices have increased in India too, but not by that much. Here gold is still trading around ₹73,000 to ₹75,000 per 10 grams. The price of silver is also around ₹ 90,000 to ₹ 95,000 per kg.
Yes, it is true that due to the ongoing tension and economic uncertainty around the world, gold is being considered a safe investment, which is affecting its prices. But the situation is not like Türkiye here at all.
So next time you read such a shocking headline, instead of panicking, know the whole truth about it. Gold is still expensive in India, but not so much that it becomes completely out of reach of the common man.
