Gold, silver surge again, wallets take another hit
Precious metal prices advanced on Monday as the wedding season gets underway in India. The rate for 24-carat gold reached 124,746 rupees per 10 grams with goods and services tax applied, while silver traded at 154,088 rupees per kilogram with tax.
Both metals remain below their recent peaks. The value of gold sits 5,764 rupees under its record high from Oct. 17, and silver has dropped 28,500 rupees from its Oct. 14 peak. The India Bullion and Jewellers Association released figures showing 24-carat gold opened trading at 121,113 rupees per 10 grams before taxes on Monday, up from 120,770 rupees at the close on Oct. 31. Silver began the day at 149,660 rupees per kilogram before taxes, compared with 149,125 rupees previously.
Other gold grades rose as well. The 23-carat variety climbed 343 rupees to 120,628 rupees per 10 grams, or 124,246 rupees with tax. The 22-carat grade gained 315 rupees to 110,940 rupees, reaching 114,268 rupees when tax is added. The 18-carat option increased by 257 rupees to 90,835 rupees. For the year, gold has appreciated 45,373 rupees per 10 grams, and silver has jumped 63,583 rupees per kilogram.
