Gold Buying Gets Costlier as Prices Rise Across India Following Global Tensions (Image Courtesy: Unsplash)
New Delhi: As soon as the market opened on Monday, the prices of gold and silver jumped again. People are already troubled by inflation and on top of that, gold prices are skyrocketing. The market witnessed further movement after Prime Minister Narendra Modi appealed to the people to avoid foreign travel and buy gold. The government is trying to ensure that foreign currency remains in the country, especially when the situation in the Middle East is tense.
If you are thinking of buying gold then first know the price of your city. In Mumbai, 24 carat gold is around Rs 152,870 per 10 grams. In Delhi it is at Rs 152,610. The most expensive gold is available in Chennai; the price there has reached Rs 153,320. Even in Bengaluru and Hyderabad, the prices remain around Rs 1.53 lakh.
Silver is also not far behind. Silver is being sold at Rs 261,900 per kg in Mumbai. In Chennai it reached Rs 262,660. Even in Delhi, Kolkata and Bengaluru, silver is above Rs 2.61 lakh. That is, whether it is jewellery or investment, in both cases it is sure to have an impact on the pocket.
According to experts, many reasons are working together behind this. Rising tensions between the US and Iran, economic uncertainty around the world and investors flocking to gold in search of a safe haven all are pushing prices higher. Whenever there is any major crisis in the world, gold becomes the most reliable investment and this is what is happening right now.
This question is in everyone's mind. Experts advise to avoid investing large amounts at once at this time. There are fluctuations in the market, so it makes more sense to buy little by little. In the last few months, there has been a tremendous rise in both gold and silver, hence investing without thinking can be harmful. Keep an eye on the market, avoid haste and keep making small investments – this seems to be the best path for now.
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