"gold-prices"

Silver also registered a steep rise of Rs 2,300 to Rs 95,500 per kg, largely in tandem with global trends

"The sharp rise in gold prices has made it difficult for us to find work, such as molding gold ornaments. People are purchasing smaller quantities of gold for weddings and other social events compared to before, which is impacting our livelihood," said Ramesh Mutthoju, president of the Mancherial District Goldsmiths Welfare Association, in a statement to Telangana Today.

Hard to resist is the lure of gold. Whether as an embellishment to show off or quietly tuck away as investment, the precious metal happens to be the choice of most.

On the Multi Commodity Exchange (MCX), 24-carat gold April futures rose by 0.21 per cent, touching Rs 86,875 per 10 grams. The surge in gold prices is mainly driven by global instability

investors are turning to precious metals for stability as a result of increased market volatility brought on by elevated geopolitical tensions,

In India, the gold prices have fallen from Rs 78,566 per 10 grams on November 6, when Donald Trump won the US Presidential election, down to Rs 73,740 per 10 grams on November 14 (Thursday), which is over 6 per cent drop, as per data from the India Bullion and Jewellers Association

The fall in prices comes despite the ongoing wedding season, typically a period of heightened demand for precious metals

The India Bullion and Jewellers Association Ltd (IBJA) reports that 24-carat gold is priced at Rs 76,570 per 10 grams, 22-carat at Rs 74,720, 20-carat at Rs 68,130, and 18-carat at Rs 62,201 per 10 grams.

Gold prices saw a slight increase on Saturday, with the cost of 24-carat gold reaching Rs 7,785.3 per gram in morning trading, reflecting a rise of Rs 120. Meanwhile, 22-carat gold was priced at Rs 7,138.3 per gram, up by Rs 110 compared to Friday.

As of Saturday, the price for 22-carat gold per ten grams stood at Rs 63,250, while 24-carat gold was priced at Rs 72,280.

The duty on gold and silver has been reduced to 6 per cent, leading to an immediate impact on prices.

In the past four months, the prices of yellow metal have been volatile, reaching as high as Rs 75,000 and dropping to as low as Rs 72,000. The current upward trend suggests that prices may soon hit Rs 78,000.

The price of 22-carat gold dropped by Rs 1,900 per 10 gm, while 24-carat saw a decrease of Rs 2,080 per 10 gm. As a result, the current prices stand at Rs 65,700 for 22-carat gold and Rs 71,670 for 24-carat.

On Friday, the price of 24-carat gold soared to over a 10-day high, settling at Rs 73,090 per 10 grams.

According to industry experts, there has been a significant decline in bookings compared to last year's festivities. 

In the previous session, it had closed at Rs 71,850 per 10 grams. Silver prices also jumped Rs 400 to Rs 83,500 per kg.

India's gold demand in value terms rose 20 per cent to Rs 75,470 crore during the quarter compared to the same period last year.

Gold futures, maturing on June 5, 2024, stood at Rs 72,813 per 10 grams on the MCX, up Rs 536 or 0.74 per cent from the previous day’s close of Rs 72,277.

The price of 24 carat gold per 10 grams soared to an unprecedented Rs 73,310 in retail markets across the city.

Gold futures on MCX recorded an increase of Rs 779 per 10 grams which is 1.09 per cent above the previous trading session’s closing price of Rs 71,644.