As the world of precious metals continues to evolve, gold and silver prices in India are experiencing notable fluctuations driven by global market trends, taxation policies, and demand-supply dynamics. February 2025 has seen a significant uptick in gold prices, reaching unprecedented heights, particularly as the festival season approaches. With Mahashivratri on the horizon, demand for these precious metals is surging in cities like Varanasi and beyond.
Recent Price Movements
On February 24, 2025, gold prices surged by ₹370 per 10 grams, while silver saw a modest increase of ₹100 per kilogram. This rise reflects a broader trend observed in the Sarafa market, where gold prices have been steadily climbing.
Gold Prices in Varanasi on February 24, 2025:
24-carat gold price: ₹87,910 per 10 grams (up by ₹370)
22-carat gold price: ₹80,600 per 10 grams (up by ₹310)
18-carat gold price: ₹65,940 per 10 grams (up by ₹250)
The Varanasi Bullion Association confirmed that gold has reached its highest level in recent months, with prices just a day earlier at ₹87,540 for 24-carat gold and ₹80,290 for 22-carat gold per 10 grams. This steady rise is attributed to high demand, global market trends, and inflation concerns, prompting many investors to view gold as a safe investment amid economic uncertainty.
Silver Prices on February 24, 2025:
Silver price: ₹1,00,400 per kg (up by ₹100)
Previous day’s silver price: ₹1,00,200 per kg
While silver has seen a less dramatic increase compared to gold, its rise is still noteworthy, driven by growing industrial demand, particularly in electronics, solar panels, and jewelry-making sectors.
Factors Driving Price Increases
The recent surge in gold and silver prices can be attributed to several interrelated factors:
High Demand in India: The upcoming festival and wedding seasons have led to a significant increase in gold and silver purchases, as these metals are traditionally favored for gifting and ceremonial purposes.
Global Market Trends: International gold prices heavily influence local rates. Recent fears of global inflation and economic instability have prompted investors to flock to gold as a safe haven.
Stock Market Uncertainty: As stock markets experience volatility, many investors turn to gold, further driving up demand.
Import Duty and Taxes: Changes in import duties and local taxation policies can also impact the prices of gold and silver in India, making them more or less accessible to consumers.
Future Price Predictions: What Lies Ahead?
Experts predict that while gold prices may see a slight decline in March, a significant drop is unlikely. Several factors will influence future gold rates, including:
Global Economic Trends: The overall health of the global economy and inflation rates will play a crucial role in determining gold prices.
US Federal Reserve Policies: Interest rate policies set by the US Federal Reserve can impact global gold prices, affecting local markets as well.
India’s Demand-Supply Balance: The balance of demand and supply during the wedding season will also be a critical factor in determining price movements.
Analysts suggest that investors should closely monitor market trends and consider purchasing gold during price corrections to maximize returns.
Essential Tips for Buying Gold
If you’re planning to invest in gold, here are some essential tips to keep in mind:
Check Gold Purity: Understand the different carat values. 24-carat gold is the purest, followed by 22-carat and 18-carat variants.
Look for Hallmark Certification: Always buy hallmarked gold jewelry to ensure authenticity and quality.
Compare Prices Across Cities: Gold rates can vary slightly across different cities, including Delhi, Mumbai, Chennai, and Kolkata.
Buy from Authorized Jewelers: Ensure that you purchase gold from trusted and reputed jewelers to avoid fraud.
Conclusion
As gold prices continue to rise, many investors are viewing it as a safe-haven asset. With the festival of Mahashivratri and the wedding season approaching, the demand for gold and silver is expected to remain robust. While March may bring a minor price correction, the long-term trend appears positive.
Staying updated with daily gold and silver rates is crucial for making informed purchasing decisions. For the latest updates on gold and silver prices, keep following our news portal, and make wise investment choices!
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