The month of May, traditionally known for weddings, naturally drives up gold purchases. However, this year, consumers are feeling the pinch as gold prices continue their upward trajectory. While there was a temporary decline in rates, today's surge in the bullion market has pushed prices to new heights, tightening the grip on household budgets.
On Thursday, gold prices in the bullion market witnessed another increase. The price of 10 grams of 24-carat gold is now ₹96,620, while 22-carat gold is priced at ₹88,568 for the same quantity. Silver rates have also seen a shift, with one kilogram priced at ₹99,270 and 10 grams at ₹978.
Industry experts attribute the rising prices to several factors, including excise duty, state taxes, making charges, and increased demand driven by the ongoing wedding and harvest seasons.
Consumers are advised to verify the purity and hallmark certification of jewelry before making purchases. Interestingly, a temporary decline in gold rates was observed during the recent Indo-Pak conflict. However, with the situation stabilizing post-ceasefire, the market has rebounded sharply.
Market analysts predict that if the current trend continues, gold prices could soon breach the ₹1 lakh mark, further affecting affordability for the average buyer.
As the festive and wedding seasons continue, the escalating gold prices remain a pressing concern for many households planning traditional celebrations.