Prices for gold and silver increased during the week. The price increase of gold was around ₹8,100 per 10 grams, while that of silver was ₹12,900 per kg.
According to the Indian Bullion Jewelers Association (IBJA), the price of 24-carat gold has risen to ₹158,210 per 10 grams, compared to ₹151,078 per 10 grams on the same day last week.
During the last seven days, gold prices surged by ₹8,132 per 10 grams. Thus, 22-carat gold currently sells at ₹144,920 per 10 grams from ₹138,387 previously.
The price of 18-carat gold has risen from ₹113,309 per 10 grams to ₹118,658 per 10 grams.
Prices of silver followed those of gold upwards and increased by ₹12,900 per kg to ₹268,500 per kg from ₹255,600 in the previous week. On Monday, May 14th, 24-carat gold prices rose to their highest level at ₹161,349 per 10 grams in the morning session
At the same time, the lowest price was seen on May 11 at Rs 149677 per 10 grams in the evening session. Silver touched the highest price of Rs 287350 per kg in the morning session on May 14.
At the same time, the lowest price was seen on May 11 at Rs 255300 per kg in the morning session. The prices are released twice by IBJA in the morning and evening sessions. The reason for the rise in gold and silver prices this week was the increase in the import duty (including cess) on precious metals to 15 percent by the Modi government, which was earlier 6 percent.