Gold and silver prices have surged sharply in Raipur's Sarafa Bazaar ahead of the festive season, with gold rising by nearly ₹19,000 per 10 grams and silver by more than ₹28,000 per kilogram over the past month.
Gold up by nearly ₹19,000 in a month
Gold in Raipur was trading at around ₹1.46 lakh per 10 grams in July. It has now climbed to around ₹1.65 lakh per 10 grams, marking a jump of roughly ₹19,000 within a single month. The steady rise in prices is affecting the budgets of jewellery buyers.
Silver jumps more than ₹28,000
Silver prices have also risen sharply alongside gold. Having stood at around ₹2.26 lakh per kilogram in July, silver has now touched around ₹2.54 lakh per kilogram, an increase of more than ₹28,000 in a month. The rally, coming amid festive demand, is being seen as a significant shift for the market.
20 and 22 carat gold rates also climb
In Raipur's Sarafa Bazaar, 20 carat gold is priced at ₹1,38,900 per 10 grams, while 22 carat gold stands at ₹1,52,150 per 10 grams. Prices continue to vary by carat depending on purity.
International market plays a role
According to bullion traders, the rise in gold and silver prices is being driven largely by international market conditions and shifting investor sentiment. A recent rally in the US bond market, alongside changing investor confidence in global markets, has had an impact on precious metal prices.
Festive demand for gold rises
According to Harakh Malu, former president of the Raipur Sarafa Association, rising festive-season demand for gold has picked up activity in the local market. Despite the price rise, buyers continue purchasing jewellery for festivals and family occasions.
Further fluctuation likely
Traders say gold and silver prices could see further ups and downs in the coming days, depending on international market conditions and festive demand. Buyers planning jewellery purchases during the festive season have been advised to keep track of market rates.