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LOCAL GOLD PRICES HIT NEW RECORD HIGH, 21-KARAT AT JD90.9
(ICE) – ROMA, 28 DIC – Saturday, gold prices in the local market surged by JD1.20, reaching a new record high.
The selling price of one gram of 21-karat gold, the most sought-after by citizens in the local market, reached JD 87.30 at jewelry shops, while the buying price stood at JD 90.90.
According to the morning bulletin issued by the General Association for Owners of Jewelry and Gemstone Shops, the selling prices per gram for 24-karat, 18-karat, and 14-karat gold were JD 103,50 JD 80.70, and JD 62.20, respectively. (ICE AMMAN)
SILVER SMASHES RS 2-LAKH MARK
(ICE) – ROMA, 18 DIC – Silver on Wednesday touched a historical high of ₹2 lakh per kg at the retail end, rising ₹9,000 per kg from Tuesday, even as the continuous rally has begun to dent consumer demand for silver jewellery.
The latest surge comes as weaker US labour data reignited expectations of interest rate cuts by the Federal Reserve, a move that could weaken the dollar and boost demand for precious metals amid tightening supply of the white metal.
Globally, spot silver surged 2.8% to a record $65.53 an ounce, marking the first time the white metal crossed the $65 level.
Silver jewellers said sales have fallen since Diwali. “The frenzy that we had seen to buy silver coins or jewellery during Dhanteras-Diwali period is missing now,” said Suvankar Sen, managing director of Senco Gold & Diamonds. “They had bought silver coins during the period as the sentiment was strong for the metal.” Some consumers are still buying silver utensils, coins and jewellery for gifting, he said. Sen, though, expects the rally in silver to continue in 2026 as well.
Experts attributed the price hike to a supply squeeze, particularly after China declared silver as a national interest metal and the US tagged it as a critical commodity.
“In Zaveri Bazar, the demand for physical silver remains muted, (but) investment demand in the form of silver exchange traded funds (ETFs) continues to remain strong,” said Avinash Gupta, vice-chairman of All India Gem & Jewellery Domestic Council.
A consumer now has to shell out ₹2,06,000 for one kg of silver, including the goods & services tax (GST) of 3%.
Manav Modi, commodities analyst at Motilal Oswal Financial Services, said when supply squeeze hits the market, it creates a frenzy for buying. “We are seeing this continuously this year where certain demand spikes are leading to this squeeze in the market,” he said. “It is also due to a sudden drop in the inventory of gold and silver in London and Shanghai. Especially for silver, the stockpiles of the inventories in both Shanghai and London Metal Exchange are dropping very rapidly, suggesting that all available metal is getting out of the warehouses due to rising demand.”
VK Vijaykumar, chief investment strategist at Geojit Investments, noted that silver has wide application in industrial uses.
“In the modern sunrise industries like EVs, solar energy, manufacture of electronic devices and mobile phones silver is used. The impressive growth of these industries have pushed up the demand for silver,” he said. “In the absence of corresponding increase in supply of this scarce metal, price has shot up. There might be some profit booking, but silver prices are likely to remain resilient.”
The international rally in silver prices gained momentum after latest data showed that the US unemployment rate rose to 4.6% in November, strengthening expectations of further monetary easing.
Investor sentiment had already turned positive for non-yielding assets after the Federal Reserve delivered its final quarter-point rate cut of the year last week and struck a dovish tone in its outlook.
Internationally, spot gold, too, edged 0.4% higher to $4,321 per ounce, aided by continued weakness in the US dollar
Read more at:
https://economictimes.indiatimes.com//industry/cons-products/fashion-/-cosmetics-/-jewellery/silver-smashes-rs-2-lakh-mark/articleshow/126044069.cms (ICE MUMBAI)
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