Gold and Silver Prices Surge to Record Highs Amid Wedding Season Demand

Rising Precious Metal Prices Worry Middle-Class Families

The continuous rise in gold and silver prices is creating concern among consumers, especially middle-class and lower middle-class families, during the ongoing wedding season. In India, gold jewellery remains an essential part of weddings and a preferred investment option, forcing many families to purchase gold despite soaring prices.

However, the latest surge in precious metal rates has made buying jewellery increasingly difficult for ordinary consumers.

Gold Prices Climb Sharply

According to bullion market reports, gold prices witnessed a strong increase on Thursday amid ongoing uncertainty in the international market.

Gold contracts with June 5 expiry were reportedly trading at around ₹1,52,580, marking an increase of nearly ₹448 compared to the previous day.

Current gold prices include:

• 24-carat gold (99.9% purity): ₹1,52,140
• 22-carat gold (91.6% purity): ₹1,39,460
• 18-carat gold (75% purity): ₹1,14,150

The sharp rise has made purchasing pure gold jewellery financially challenging for many households.

Silver Prices Jump Even Faster

Silver prices have also recorded a major surge. Reports indicate that silver contracts with July 3 expiry increased by ₹1,735 in a single day.

The price of silver has now reached approximately ₹2,55,000 per kilogram, surprising traders and consumers alike.

While gold prices rose by around 0.29%, silver witnessed a sharper growth of nearly 0.69%.

Global Tensions Driving Price Increase

Market experts believe the rise in precious metal prices is largely being driven by geopolitical tensions and uncertainty in global financial markets.

Whenever stock markets become volatile, investors tend to shift towards safer assets like gold and silver. This increased demand pushes prices higher across international and domestic markets.

Analysts say gold prices are unlikely to fall significantly unless global tensions ease and financial markets stabilize.

Experts Advise Cautious Investment

Financial experts suggest that long-term investors should avoid panic buying and instead purchase gold gradually whenever prices witness temporary corrections.

With major festivals and wedding ceremonies approaching, the sharp rise in gold and silver prices is expected to place additional pressure on household budgets in the coming months.