There has been a rise in the prices of gold and silver this week. The price of gold has increased by more than Rs 8,100 per 10 grams and the price of silver has increased by Rs 12,900 per kg.
According to India Bullion Jewelers Association (IBJA), the price of 24 carat gold has increased to Rs 1,58,210 per 10 grams, which was Rs 1,51,078 per 10 grams on the same day last week. This shows that gold prices have increased by Rs 8,132 per 10 grams in the last one week.
The price of 22 carat gold has increased to Rs 1,44,920 per 10 grams, which was earlier Rs 1,38,387 per 10 grams. At the same time, the price of 18 carat gold has increased from Rs 1,13,309 per 10 grams to Rs 1,18,658 per 10 grams.
Along with gold, the prices of silver also remain rising. The price of silver has increased by Rs 12,900 in a week to Rs 2,68,500 per kg, which was Rs 2,55,600 per kg last week.
During this week, 24 carat gold touched the highest price of Rs 1,61,349 per 10 grams in the morning session on May 14 in the spot market. At the same time, the minimum price of Rs 1,49,677 per 10 grams was seen in the evening session on May 11.
Silver touched its highest price of Rs 2,87,350 per kg in the morning session on May 14. At the same time, the minimum price was seen at Rs 2,55,300 per kg in the morning session on May 11.
The prices are released by IBJA twice in the morning and evening sessions.
The reason for the rise in gold and silver prices this week was the Modi government increasing the import duty (including cess) on precious metals to 15 percent, which was earlier 6 percent.
