Gold prices leaped on the first trading session of the week. The precious yellow metal's value has been consistently rising for over a month. This upward trend is persistent even on the day of Kojagari Lakshmi Puja, resulting in yet another record-breaking price for gold.
On October 6, the price of 10 grams of pure gold on the Multi-Commodity Exchange (MCX) reached 119,490 rupees. This represents a 1.17 percent increase from the last closing price. On the MCX, silver was priced at 147,700 rupees per kilogram, which is 1.10 percent higher than the previous closing.
The surge wasn't limited to the Indian market; international gold prices also climbed on Monday. With the looming possibility of a US government shutdown, the international market witnessed a substantial increase in gold prices. On Monday, the price per ounce of gold surpassed the $3,900 mark.
Various festivals have already begun across different parts of the country. During this time, the demand for gold jewelry typically peaks. Many people purchase gold ornaments according to their means. However, the way gold prices have escalated over the past few months has furrowed the brows of the middle class with worry. Concurrently, gold merchants are apprehensive about jewelry sales hitting rock bottom.
Market experts believe that multiple factors have contributed to the recent surge in gold and silver prices. The uncertainty in the global market, exacerbated by Trump's tariffs, has rendered the stock market volatile. Additionally, a weakening dollar has increased the demand for gold investments. Investors, wary of taking risks in an unstable market, are opting for the haven of gold investments. Such factors are causing gold and silver prices to spiral out of control day by day.
