Silver prices have seen a continuous increase for the fifth consecutive day, reaching a new record of ₹1.01 lakh per kilogram, reflecting a rise of ₹1,500. On the previous Friday, silver was priced at ₹99,500 per kilogram. In the national capital’s bullion market, gold also surged, with prices climbing by ₹350 to hit a new high of ₹81,000 per 10 grams, according to the All India Sarafa Association.
Key Drivers Behind Price Surge
- Industrial Demand: Arun Mishra, CEO and Managing Director of Hindustan Zinc Limited, attributed the ongoing rise in silver prices primarily to industrial demand, along with increased activity in the jewelry and silverware segments.
- Demand During the Festive Season: According to bullion traders, there has been an increase in purchases from neighborhood jewelers in anticipation of the holiday and wedding seasons.
Challenges in Jewelry Sales
Despite the price surge, wholesalers and retailers of jewelry in India anticipate a decline in demand this Dhanteras, especially in terms of volume. This outlook suggests a cautious approach among consumers amid rising prices.
Initiative for Unified Gold Pricing
In a related development, the All India Gem and Jewelry Domestic Council is working towards implementing a “One Nation, One Gold Rate” policy. This initiative aims to standardize gold prices across the country, which currently vary from region to region. Mitesh Dhorda, Secretary of GJC, highlighted the inconsistency in retail prices despite uniform import rates. The council has already conducted over 50 meetings with its members and has successfully brought together 8,000 jewelers for this initiative.
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