Mumbai: Gold and silver prices reached a new height in the Mumbai jewelery market today. Jewelers in the market were surprised when the price of gold in the Ahmedabad market rapidly jumped Rs 1,500 per 10 grams to cross the level of Rs 87,000. The silver price in Ahmedabad also rose by Rs 1,500 per kg to Rs 95,000 today. In Ahmedabad, the price of gold increased to Rs 99.50 at Rs 87,000 and Rs 99.90 to Rs 87,300, which created a new history. The import cost of imported precious metals in the country has increased due to the rise in gold prices in the global market and a domestic rupee fall, resulting in a stormy boom in the jewelery markets. Market sources gave this information. Meanwhile, the procurement of gold increased globally by funds due to the high level of dollar index and bond rewards in the global market. There was a discussion in the market that after Trump’s arrival in the US, various uncertainties including trade war led to safe purchases of gold in the global market.
Gold prices in the world market continued to fluctuate between $ 2,819 and $ 2,820 an ounce, reaching the highest level of $ 2,877 and the lowest level of $ 2,870 and $ 2,872. The market is now monitoring the price of $ 2,900 and then $ 3,000. Meanwhile, the price of silver in the world market today increased from $ 31.64 an ounce to $ 32.54, $ 32.41 and $ 32.42. Platinum prices rose from $ 987 to $ 984 and then to $ 985, while Paladium prices rose from $ 1007 to $ 1003 and then to $ 1004. Globally, copper prices increased by 0.21 percent today.
Meanwhile, gold prices rose by Rs 99.50 to Rs 84318 and Rs 99.90 to Rs 84657 in the Mumbai bullion market today. While the price of silver in Mumbai increased and except GST, its price was stated to be Rs 95,425. Gold and silver prices with GST in Mumbai were three percent higher than this price. Meanwhile, the world market saw two-way fluctuations in crude oil prices. The US Petroleum Institute said that crude oil reserves in the US increased 5.1 million barrels to 5.5 million barrels. Brent crude oil prices in the world market rose from $ 74.57 per barrel to $ 76.34 per barrel, and later fell from $ 75.23 to $ 75.32. Crude oil market players were keeping an eye on what steps US President Trump would now take against Iran.
Gold purchases have increased as a safe investment due to increasing instability in global markets after Trump’s arrival: Price is likely to reach $ 3,000!
Geopolitically
Global banks will continue to procure large -scale gold in 2025 as well
Mumbai: After purchasing more than 1,000 tonnes of gold for the third consecutive year in 2024, the World Gold Council hopes that high procurement will continue from central banks around the world even in the current year. The National Bank of Poland, the Reserve Bank of India and the central bank of Turkey were the top buyers of gold.
The council report said that amidst economic and geopolitical uncertainty, central banks are buying gold as rescue. Last year, the overall global demand for gold increased by one percent to 4,974.50 tonnes, but high prices resulted in a decline in demand for jewelery.
Last year, the global demand for gold was $ 382 billion, which was due to high prices and high volumes.
The demand for gold jewelery in 2024 will fall by 11 percent. Due to high prices, the demand for jewelery will be under pressure but the recycling will increase.
The global banks will continue to buy gold keeping in mind the uncertainty arising in the event of increasing trade war between China and the US. Globally, the demand for gold from central banks is quite high.
After nine -year peak in 2024
The country’s demand for gold is expected to weaken in the current year.
Mumbai: It is likely to fall in the current year after the demand for gold in 2024 in the country. A report by the World Gold Council states that the demand for jewelery is likely to be low this year due to the steady increase in gold prices. The country’s demand for gold, which will increase by five percent annually to 802.80 tonnes in 2024, is expected to be reduced between 700 and 800 tonnes in 2025. Gold demand will be 761 tonnes in 2023.
In 2024, the total demand for gold in India will increase from 31% to Rs 5,15,390 crore from year to 5,15,390 crore, while in 2023 it will be Rs 3,92,000 crore.
Jewelry accounts for about 70 percent of the total gold demand in the country. Sources in the council said that rising gold prices are affecting the demand for jewelery, but investment demands are still intact. The country’s demand for gold will be at a nine -year high in 2024, but it will see a decline in the current year. Gold demand in 2024 will be 802.80 tonnes, which will be the highest since 2015. In 2024, the demand for jewelery declined by two percent to 563.40 tonnes.
