Gold Rate Today | Gold price has increased significantly today as well. It doesn’t seem like it will take much longer for the price of gold to reach Rs. 1.5 lakh. A kilo of silver is reaching Rs. 3 lakh. Find out what the prices of gold and silver are like in the Hyderabad market today.
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Gold prices are soaring in January. Gold prices are going beyond expectations. Now, to buy a pound of gold, you have to spend Rs. 1.5 lakh. The situation is the same with silver. A kilo of silver has reached Rs. 3 lakh.
Looking at gold prices in Hyderabad on January 12, the price of 24-carat gold increased by Rs. 1,690 from Rs. 1,40,460 to Rs. 1,42,150. The price of 22-carat gold, which is used for making jewelry, increased by Rs. 1,550 per 10 grams from Rs. 1,28,750 to Rs. 1,30,300. The price of 18-carat gold increased by Rs. 860 from Rs. 1,05,340 to Rs. 1,06,610. The price of gold in Tulam has increased by about Rs. 4,150 in the last 4 days.
Currently, to buy pure gold in Tulam, you have to spend one and a half lakh. The current price of pure gold in Tulam is Rs. 1,42,150. If you buy a 10 gram gold coin or gold bar, you have to pay 3 percent GST. That is, the price of 10 grams of gold including GST is Rs. 1,46,414. If you also include the making charges, you have to pay Rs. 1,50,000 to buy a Tulam gold coin or biscuit.
On the other hand, the price of silver has also increased significantly. Today, a kilo of silver has increased by Rs. 12,000. Currently, a kilo of silver is available for Rs. 2,87,000. An ounce of silver can be bought for Rs. 2,870. Gold and silver prices have plunged on the Multi Commodity Exchange. Gold February futures are trading at Rs. 1,40,800, up 1.43 percent, or Rs. 1,981, while silver March futures are trading at Rs. 2,61,829, up 3.60 percent, or Rs. 9,104.
The price of an ounce of gold is trading above $4,500 in the international market. It is currently trading at $4,565.27, while the price of an ounce of silver has crossed $80 and is trading at $83.26. The prices of gold and silver have increased sharply due to global economic uncertainty. The main reason for this is the severe political tensions in various countries.
Rahul Kalantri, vice president of commodities at Mehta Equities, said that gold and silver prices hit new record highs during Asian trade on Monday. He explained that rising global political risks, increased political pressure on the US Federal Reserve and weaker-than-expected US jobs data have increased demand for safe-haven investments. Gold prices rose more than four percent last week. At the same time, silver prices rose more than seven percent. He said that the main reason for this is increased uncertainty around the world.
Geopolitical tensions remain high, with unrest in Iran, the ongoing Russia-Ukraine war, the US capture of Venezuelan President Nicolas Maduro, and new signals from Washington on the control of Greenland. Rahul Kalantri said the recent rise in the dollar index could put some restraint on the rise in bullion prices as interest rates are likely to remain the same in the near future.
Global gold prices have risen by 70 percent so far this year on strong demand for safe-haven assets, US interest rate cuts and a weak dollar. Gold prices in the Indian domestic market have risen by 77 percent this year. At the same time, the Nifty 50 index has gained only 9.7 percent. The rupee’s five percent depreciation against the dollar has also helped gold prices rise. Gold has been providing investors with a sense of security at every stage of increasing uncertainty in the world. These developments once again clearly demonstrate its value.
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