Gold Price Jumps To Cross Rs 73,000 In India; The Surge Has Made Effect On families Planning Weddings

Gold prices in India have surged dramatically, crossing the Rs 73,000 mark for 10 grams of the precious metal. This remarkable price surge of 10.75% within a single month is unprecedented, with bullion dealers from Zaveri Bazaar noting that such rapid daily increases have not been witnessed in the last 50 years.

As of Friday, gold prices reached Rs 72,967 per 10 grams, representing a 1.6% rise compared to the previous day. The surge has made gold significantly costlier, especially for families planning weddings. With a 3% Goods and Services Tax (GST), the retail price for 10 grams of gold stands at Rs 75,165. Given the absence of auspicious wedding dates in May and June this year, many weddings are taking place in April, further driving up demand for gold.

Silver prices have also followed suit, inching up to Rs 83,605 per kilogram on Friday from Rs 82,343 per kilogram the day before, marking a 1.53% increase in a single day. However, this continuous rally may impact gold sales during Akshaya Tritiya, a significant occasion for purchasing gold jewelry. According to Hindu tradition, buying gold on Akshaya Tritiya is considered a sign of good fortune and prosperity for the home. This year, Akshaya Tritiya falls on May.

The bullion market remains supported by several factors, including safe-haven demand, geo-political developments, and portfolio diversification. Experts predict that gold prices may continue to rise, potentially reaching Rs 75,000 per 10 grams (excluding GST) in the short term. While some consolidation or sideways movement is expected, the underlying trend remains positive, making gold a focal point for investors and buyers alike.