Gold and Silver Price | Gold and silver prices have increased again. Gold and silver rates are making a new all-time high record. Let’s easily know what the gold and silver prices are in the Hyderabad market today.
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Gold and silver prices have increased again. Here are the gold prices in Hyderabad on December 18. The price of 24-carat gold has increased by Rs. 330 per 10 grams. The price, which was Rs. 1,34,510 yesterday, has reached Rs. 1,34,840 today. The price of 22-carat gold, which is used for making jewelry, has increased by Rs. 300 per 10 grams. The rate, which was Rs. 1,23,300 yesterday, has reached Rs. 1,23,600 today. The price of 18-carat gold has increased by Rs. 250 per 10 grams. It has reached Rs. 1,00,880 today, from Rs. 1,01,130 yesterday.
When it comes to silver prices in Hyderabad, the price of a kilo of silver has increased by Rs. 2,000 today. The current price of a kilo of silver is Rs. 2,24,000. The price of a pound of silver in the market is Rs. 2,240. However, gold and silver prices have decreased on the Multi Commodity Exchange. Gold February futures are trading at a price of Rs. 1,34,640, down by 0.19 percent, or Rs. 254. Silver March futures are trading at a price of Rs. 2,06,370, down by 0.51 percent, or Rs. 1,064. In the international market, the price of an ounce of gold is trading at $ 4,332. The price of an ounce of silver continues to be at $ 66.3.
It is noteworthy that the price of gold is increasing even though the demand for it is slightly lower in the market. This is due to the strengthening of the dollar against the rupee. Even though it is the wedding season, the situation in the market is different. According to information from Reuters, discounts have increased as demand for gold in India has decreased. Even though prices have reached record levels, buying has decreased even though it is the wedding season. At the same time, demand in the Chinese market is also low. This is due to fluctuations in prices and high spot prices.
Last week, dealers in India offered discounts of up to $34 per ounce on the official domestic price. This includes a 6 percent import tax and a 3 percent sales levy. The previous week, the discount was only $22. A bullion dealer in Mumbai said that the steep price hike has led to a drop in customers coming to their shops. Jewelers are not buying gold due to this.
Weddings in India are a major driver of gold demand. It is common for family members and friends to give gold as wedding gifts. Changes in international market rates, import duties, taxes, and currency exchange rates have a major impact on gold prices in India. These factors determine the daily gold prices across the country.
Gold is deeply embedded in the culture and economic life of India. It is a beloved investment. It has a special place in celebrations like weddings and festivals. With market conditions changing frequently, investors and traders are constantly monitoring price changes. Staying informed is essential to understand the changing trends. No matter how much the prices increase, Indians’ interest in gold does not diminish. But timing and decision-making are becoming more important now.
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