Gold prices expected to hit Rs 65,000 in wedding season

There is currently a ceasefire between Israel and Hamas. This has significantly impacted the gold and silver market. During the war, the prices of gold and silver experienced a sharp decline. With the cessation of the war, there has been a resurgence in the turnover of gold and silver. The demand for an extension of the ceasefire, which began on Friday, is on the rise. If the armistice period is not extended, there is the potential for prices to fluctuate.

Over the past four months, gold prices have been experiencing continuous fluctuations. This marks the third instance in the last year that it has crossed the 62,000-mark. On Friday, Saturday, Sunday, Monday, and Tuesday, the 24-carat price rose to Rs 62,399 in the Sarafa market in Latur. Simultaneously, the rate has reached Rs 64,169 with a 3 per cent GST, and silver has reached Rs 77,000 with GST. In May, it first crossed the 62,000-mark, marking the highest rate. Since then, there has been a steady decline, bringing it down to 55,000. In the last month, the price has settled at Rs 59,000-60,000. However, in the last week, there has been a sudden jump in the price of gold.

A fall in prices during the war...

Currently, there is a ceasefire between Israel and Hamas. This has led to a significant surge in the gold and silver markets. During the conflict, the prices of gold and silver experienced a substantial decline. With the ceasefire, there has been a further rise in the upswing of gold and silver. The demand for an extension of the ceasefire, which began on Friday, is growing. If the ceasefire period is not extended, there is a likelihood of price fluctuations.

“Many have already preferred to buy gold as gold and silver prices are rising. It is increasing by Rs 500-800 per day. The current rate is in the range of Rs 63,000-64,000 per tola,” jeweller Sachin Shende-Patil said.

“For the last six months, the prices of gold and silver have been constantly fluctuating. The prices of gold and silver have suddenly increased since last week. As a result, many have rushed to buy as an investment,” jeweller Mahesh Shinde said.