On Monday, the rates of both the precious metals rose six times. Compared to Saturday, 24 carat gold rose by Rs 500 to Rs 77,100 and silver by Rs 1,900 to Rs 93,200. Anticipating further hike, the customers have started to rush again for shopping. The price of 22 carat gold, the most widely used for jewellery, touched Rs 71,800. 3 percent GST is levied separately on the price of gold and silver.
An official of Nagpur Sarafa Association said, in India, gold is bought for various ceremonies including investment. Moreover, people are investing more and more in gold in recent times. Investors feel safe investing in gold due to financial uncertainty and stock market volatility.