Gold and Silver Prices Surge: Gold Up Rs 6000, Silver Jumps Rs 10,000

New Delhi: If you were thinking of buying gold or silver these days, you will once again have to shell out money. After Wednesday, Thursday i.e. today, as soon as the market opened, the prices of both the metals went up in one fell swoop.

Why did it suddenly rise so much?

The ongoing tension between Iran and America has shaken the markets of the entire world. Whenever there is a big crisis in the world, people run towards gold and silver because these are considered "safe investments". Same thing happened this time too. The US has sent a 15-point proposal to Iran and there is talk of a month-long ceasefire, but in the meantime Trump has also sent 2,000 troops to the area. This confusing environment scared investors and they started investing money in gold and silver.

What is today's latest price?

On March 25, gold April futures on MCX jumped 3.9% to Rs 144,325 per 10 grams, while silver May contracts rose 5.56% to Rs 236,400 per kg. And there was another surge as soon as the markets opened on March 26; gold became costlier by Rs 6,000 and silver by more than Rs 10,000 in a single day.

Talking about the international market, spot gold on COMEX reached Rs 4,600 an ounce, and silver reached close to Rs 74. 

Delhi, Mumbai, Kolkata — what's going on in your city?

In Delhi, 24-carat gold became Rs 146,820 per 10 grams, while in Mumbai the same price remained around Rs 1,46,670.  Today the price of 24-carat gold was recorded at Rs 14,689 per gram, 22-carat at Rs 13,465 per gram, and 18-carat at Rs 11,017 per gram. 

Talking about silver, in Chennai, Hyderabad and Kerala, silver is being sold up to Rs 2,60,000 per kg, while in Delhi, Mumbai, Kolkata and Bengaluru it is around Rs 2,50,000 per kg.

Will this boom last or will there be a decline?

This is the question in every buyer's mind. Experts say the US Federal Reserve is showing signs of keeping interest rates high, stoking inflation fears, and that's becoming a big reason to keep gold prices higher

Until the Iran-America issue is resolved and a clear picture regarding interest rates does not emerge, the prices of gold and silver will continue to fluctuate like this.

So would it be right to buy now?

If a wedding or festival is coming up soon, it would be wise to wait a bit and check the rates daily. There is a lot of volatility in the market right now. But from the perspective of long-term investment, gold has always proven to be reliable.

Just keep one thing in mind before going to the jeweler, make sure to check the latest prices in your city, because the prices are slightly different in every city.