Gold and silver prices have risen in Indian bullion markets due to a lower-than-anticipated increase in interest rates by the US Federal Reserve and the weakening of the dollar against the rupee. In Delhi, on Thursday, 24-carat gold became costlier by Rs 692 per 10 grams and reached Rs 51,750. Silver prices rose by Rs 1335 to Rs 56,937 per kg. Gold and silver prices also rose in the futures market.
According to the World Gold Council, worldwide gold demand declined by 8% in the first quarter of 2022-23. At the same time, the demand for gold in India has increased by 43% every year. Global demand for gold declined to 948.4 tonnes from 1,031.8 tonnes in the June quarter of 2021. At the same time, gold demand in India from April to June stood at 170.7 tonnes as against 119.6 tonnes in the same period of 2021.
According to the World Gold Council report, the demand for gold for the year 2022 is expected to be between 800-850 tonnes. However, in the coming times, other factors including inflation rate, gold price, rupee-dollar rates, and policy interest rate may influence consumer sentiments. The total demand for gold in the year 2021 was 797 tonnes.
Jaipur: In the bullion market on Thursday, gold standard rose by Rs 300 to Rs 52,450 per ten grams and silver by Rs 1,500 to Rs 57,500 per kg.