The prices of gold and silver in Patna have reached historic highs, especially during the ongoing festival season. The prices of these precious metals have seen a sharp increase, leaving buyers struggling to manage their budgets while investors seem to be enjoying the uptick. With the ongoing festive season, including Navratri, the prices are soaring to such levels that soon, gold and silver could touch the ₹1.50 lakh per 10 grams or kilogram mark. This surge in prices is mainly attributed to global geopolitical tensions and economic fluctuations.
Global Tensions and Economic Factors Impact Gold and Silver Prices
The sudden spike in gold and silver prices is being attributed to a variety of global factors. The ongoing geopolitical tensions have created an atmosphere of uncertainty in the global markets, leading to an increase in demand for safe-haven assets such as gold and silver. This has significantly affected prices in domestic markets as well. In Patna, local experts in the jewelry market have indicated that the demand for gold has surged due to these global factors, contributing to the record price levels being witnessed currently.
However, experts have also warned that the market may see a short-term correction in the coming days. They suggest that after such a sharp rise in prices, a drop of around 10 to 12 percent could occur. Nevertheless, the long-term outlook remains bullish, with prices expected to continue rising, driven by the same global factors that have been causing the current surge. The market sentiment remains positive, and gold and silver are still being viewed as strong investment options.
Patna Jewelry Market Witnesses Record Gold Prices
In Patna’s jewelry market, the prices of gold and silver have skyrocketed to record levels, with buyers and sellers adjusting to the current situation. As of Saturday, the price of 24-carat gold in Patna was ₹1,14,300 per 10 grams. After including the Goods and Services Tax (GST), the price soared to ₹1,17,729 per 10 grams. On the other hand, 22-carat gold was priced at ₹1,06,200 per 10 grams, and 18-carat gold was available for ₹87,700 per 10 grams.
The price of silver has also seen a considerable increase. The price of silver in Patna stands at ₹1,36,800 per kilogram, which, after including GST, reaches ₹1,40,904. This increase in the prices of both gold and silver is a result of the global economic factors affecting the supply and demand dynamics of these metals.
Silver Jewelry Prices Also See Significant Increase
Along with the rise in gold prices, silver jewelry prices have also witnessed a significant increase. Currently, silver jewelry is being sold at ₹136 per gram. As for older gold jewelry, the exchange rate for 22-carat gold has been set at ₹1,03,200 per 10 grams, while 18-carat gold jewelry is priced at ₹84,700 per 10 grams. Hallmarked silver jewelry is being exchanged at ₹132 per gram, while non-hallmarked silver jewelry is being sold at ₹129 per gram.
The increase in silver prices can be attributed to the growing demand for both investment-grade and jewelry-grade silver. The demand for silver has been rising steadily in India due to its relatively lower price compared to gold, making it a more affordable option for consumers. Additionally, silver’s industrial uses have also contributed to the increased demand for the metal.
Effect of Festivals on Gold and Silver Prices
The festival season in India has always been a time for increased demand for gold and silver. The ongoing Navratri celebrations have led to a surge in gold and silver purchases, with many buyers making purchases in preparation for the festivals. As festivals approach, people often buy precious metals as part of traditional rituals and customs. The buying season further pushes the prices higher, as demand outstrips supply in many cases.
As the festival season progresses, the prices of gold and silver are expected to remain high. This could further strain the budgets of ordinary consumers, who may be finding it harder to afford the precious metals. While investors are likely to benefit from this increase in prices, everyday buyers may have to reconsider their purchasing plans. For those who are investing in gold and silver, this could be an opportune time to see returns on their investments.
What the Future Holds for Gold and Silver Prices
Looking ahead, the future of gold and silver prices seems uncertain, but the trend remains upward in the long term. Geopolitical factors, including tensions in key regions around the world, are likely to keep driving the prices of these metals higher. Additionally, fluctuations in the global economy and the increasing demand for safe-haven assets will continue to impact prices.
Experts suggest that gold and silver could continue to break records in the coming months. However, as mentioned earlier, a short-term correction may be in the cards, especially as prices have surged rapidly in a short span of time. If a correction does occur, it could provide an opportunity for buyers to purchase gold and silver at slightly lower prices before the next wave of price increases.
The current surge in gold and silver prices in Patna and across India has led to a dramatic shift in the market dynamics. While investors are benefiting from the price hikes, regular consumers are feeling the pinch, especially during the festival season. The global geopolitical tensions and economic fluctuations have driven these price increases, with experts suggesting that the market will likely remain bullish in the long run.
As prices for both gold and silver continue to soar, buyers must carefully consider their purchases and investments. While the short-term outlook may involve some fluctuations, the long-term trend for gold and silver remains positive. Those looking to invest in these precious metals should stay informed and be prepared for further price increases. For now, the high prices are here to stay, and the market will continue to reflect the broader global economic and geopolitical conditions.
