Gold prices on Saturday, August 5, were higher in the afternoon trade in the spot market, rising Rs 200 to Rs 55,150 per 10 kg amid higher demand. In Delhi, the price of 22-carat gold stood at Rs 55,300 per 10 grams while that of 24-carat was at Rs 60,310 per 10 grams. The silver price was also up by Rs 300 to Rs 75,100 per kg.
In Mumbai, gold prices stood at Rs 55,150 per 10 grams for 22-carats, while that for 24-carat gold was at Rs 60,160 per 10 gram. In Kolkata and Hyderabad, 24-carat gold prices stood at Rs 59,950 per 10 grams, while 22-carat gold was at Rs 55,150 per 10 grams.
The prices of 22-carat gold in Bengaluru and Chennai stood at Rs 54,950, and Rs 55,350, respectively. The prices of 24-carat gold Bengaluru and Chennai are Rs 59,950 and Rs 60,380, respectively.
In the past 5 years since July 2018, gold has jumped 99 per cent. The Sensex, on the other hand, has risen 77 per cent during the period.At July-end 2018, the price of 24k gold had stood at Rs 30,850 per 10 grams, which has now jumped about 99 per cent to nearly Rs 61,400 in July 2023. The Sensex as on July 30, 2018, had stood at the 37,550 level, which has risen by about 77 per cent to about 61,800 now.
Experts said weak economic prospects, supply chain uncertainty during the pandemic, geopolitical tensions, central banks buying gold to boost reserves, and dollar uncertainty were the factors that triggered gold buying.
