Gold prices surge to ₹1.59 lakh, jewellers halt purchases
Gold prices hit ₹1.59 lakh per 10 gm amid geopolitical tensions, leading to a 70% drop in jeweller purchases. Retail consumers are exchanging old gold instead of buying new, reflecting a shift towards investment-led buying.
pre-market1 source ↓written by the desknot a recommendation
- per 10 gm
- ₹1.59 lakh
- last Friday
- ₹1.54 lakh
- per kg
- ₹3.42 lakh
- as sales plummeted
- 70%
Gold prices reached ₹1.59 lakh per 10 gm in Mumbai, a rise from ₹1.54 lakh last Friday, driven by geopolitical tensions and a weaker dollar. Silver also saw an increase, trading at ₹3.42 lakh per kg. Jewellers have halted purchases as sales plummeted 70%, with consumers opting to exchange old gold instead of buying new.
The shift from jewellery to investment-led buying indicates changing market dynamics.
Not investment advice. For informational purposes only.