Israel war: Gold and silver prices may increase due to Israel-Hamas war, sharp rise in demand and premium

Israel war: Gold and silver prices may increase due to Israel-Hamas war, sharp rise in demand and premium

Gold-Silver Price Hike: The effect of the war in Israel and Gaza is now visible on the gold and silver market as well. The demand for gold has increased rapidly in the physical market, due to which the premium of gold and silver has increased rapidly. The premium of gold has increased by Rs 700 to Rs 2000 per 10 grams. Earlier it was Rs 1300 per 10 grams. This premium has increased so rapidly that in some places bullion dealers have been refused to sell gold. 

Whereas the premium in silver has increased by Rs 1000 per 1 kg to Rs 3500 per 1 kg. Earlier it was Rs 2500 per 1 kg. The sharp increase in the premium of these two metals is an indication that the prices of gold and silver may rise. 

The price of gold and silver may increase 

After the war in Israel, the demand for gold and silver is increasing rapidly. On the other hand, the festive season is about to start in India. In such a situation, the demand for these metals is likely to increase rapidly in India too, due to which there may be a big increase in the prices of gold and silver. 

Gold can reach its highest price again 

Recently gold has fallen by about 5 thousand points from its highest level and silver has fallen by 13000 points from its highest level. For this reason, shopkeepers and investors are more focused on purchasing gold and silver. On the other hand, in view of the demand for gold, dealers do not want to sell gold and silver right now. 

Gold and silver price today 

According to the website of India Bullion and Jewelers Association (IBJA), the price of 24 carat gold in the bullion market is Rs 56,539, 22 carat Rs 51,790 and 18 carat Rs 42,404 per 10 grams. Whereas silver is Rs 67,095 per kg. 

Gold and silver consumption in India 

Gold and silver in India are consumed through jewellery, investments and reserves in the central bank. Gold consumption in India is 700-800 tonnes every year, out of which 1 tonne is produced in India and the rest is imported. 

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