With the Dussehra festival season in full swing, the demand for gold and silver has increased significantly. However, buyers are facing soaring prices as economic factors, such as the depreciating rupee and the strengthening dollar, continue to influence the market. Over the past two months, prices for essential commodities, including paddy, have surged. Now, gold and silver are also witnessing significant fluctuations, with market experts predicting further increases in the coming days.
In the Telugu states, including major cities like Hyderabad, Vijayawada, and Visakhapatnam, the prices for both 22-carat and 24-carat gold have seen slight decreases recently but remain high overall. As of today, the price for 22-carat gold stands at ₹70,990 per 10 grams, while 24-carat pure gold is priced at ₹77,440 per 10 grams. Meanwhile, in Delhi, the capital city, the price for 22-carat gold is ₹71,350 per 10 grams, and 24-carat gold is priced at ₹77,100 per 10 grams.
When it comes to silver, prices have also been climbing, reaching new highs in recent days. In Hyderabad, silver has surpassed the ₹1 lakh mark, with the current price per kilogram standing at ₹1,03,000. Conversely, in Delhi, silver remains slightly below the ₹1 lakh mark at ₹97,000 per kilogram.
Market experts attribute these fluctuations to various factors, including local taxes, which can cause regional differences in prices. Additionally, the ongoing depreciation of the rupee against the dollar has led to an increased cost of gold and silver imports, contributing to the overall rise in prices.
With Navratri and Dussehra in progress, many buyers are still keen on purchasing gold and silver, as these metals hold cultural and traditional significance during the festival season. However, those looking to invest may need to act quickly, as experts suggest that prices may continue to rise throughout the remainder of the festival season.
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