Gold glitters at all-time high of 75,000 as sensex breaches 85k

Nagpur: Gold rates touched an all-time high of 75,000 a tola (per 10gm), silver was at 89,000/kg at markets in Nagpur on a day the sensex scaled 85,000 mark for the first time.
Adding 3% GST, the yellow metal was pegged at 77,200 and silver at 91,000.
Since last September, the value of gold and silver appreciated by 16,500 a tola and kg respectively. Last year, the average price of gold was at 58,500 a tola and silver was at 72,500 a kg in local markets.Gold ETFs were in the range of 64 a unit.
However, those selling a tola of gold at the jeweller's counter in Sarafa fetched a price of 74,000 and a kg of silver at 88,000 on Tuesday. Normally, rates at which the metals are bought back are slightly below sale price.
As traders attribute the current hike to a host of reasons like the US Fed rate cut to uncertain geopolitical situation, there was a lull in local markets. Gold rates at home are derived from prices in US markets.
Traders attribute it to the ‘Pitru Paksh' period that lasts till October 2. It is considered inauspicious to buy assets, including gold, during this period. High rates are also having an impact on general buying, said sources.
However, traders also point at marked increase in imports of gold and silver, saying it indicates a rising demand for bullion .
Imports of gold grew over double in August this year as compared to the same month last year, and that of silver has risen seven times in terms of value, said Rakesh Rokde of M/s Rokde Jewellers and also the vice-president of Gems and Jewellery Domestic Council.
Gold worth 84,000 crore has been imported in August 2024 as against 40,000 odd crore in the same month last year. Silver imports stood at 11,038 crore as against 1,317 crore in August last year, said Rokde, citing govt figures. Since August, rates of gold and silver have appreciated by 5,000 and 4,300 a tola and per kg respectively, shows data maintained at the Nagpur market.
Pankaj Bakhai of M/s Anantrai and Sons, a silver firm in Nagpur, said a major spurt in buying was seen last month. Even investors purchased a considerable amount of raw silver hoping for rates to further go up. Bakhai says even as there has been hectic investment buying, a typical jeweller making ornaments and artefacts prefers that rates should be within moderate range so that even the general consumer can buy.
"The customs duty on gold and silver was cut to 6% in the budget. As it brought down rates by 4,000, a number of traders who purchased bullion at higher rates were left in losses," said Nilesh Rathi, a bullion analyst.
Nagpur: Gold rates touched an all-time high of 75,000 a tola (per 10gm), silver was at 89,000/kg at markets in Nagpur on a day the sensex scaled 85,000 mark for the first time.
Adding 3% GST, the yellow metal was pegged at 77,200 and silver at 91,000.
Since last September, the value of gold and silver appreciated by 16,500 a tola and kg respectively. Last year, the average price of gold was at 58,500 a tola and silver was at 72,500 a kg in local markets. Gold ETFs were in the range of 64 a unit.
However, those selling a tola of gold at the jeweller's counter in Sarafa fetched a price of 74,000 and a kg of silver at 88,000 on Tuesday. Normally, rates at which the metals are bought back are slightly below sale price.
As traders attribute the current hike to a host of reasons like the US Fed rate cut to uncertain geopolitical situation, there was a lull in local markets. Gold rates at home are derived from prices in US markets.
Traders attribute it to the ‘Pitru Paksh' period that lasts till October 2. It is considered inauspicious to buy assets, including gold, during this period. High rates are also having an impact on general buying, said sources.
However, traders also point at marked increase in imports of gold and silver, saying it indicates a rising demand for bullion .
Imports of gold grew over double in August this year as compared to the same month last year, and that of silver has risen seven times in terms of value, said Rakesh Rokde of M/s Rokde Jewellers and also the vice-president of Gems and Jewellery Domestic Council.
Gold worth 84,000 crore has been imported in August 2024 as against 40,000 odd crore in the same month last year. Silver imports stood at 11,038 crore as against 1,317 crore in August last year, said Rokde, citing govt figures. Since August, rates of gold and silver have appreciated by 5,000 and 4,300 a tola and per kg respectively, shows data maintained at the Nagpur market.
Pankaj Bakhai of M/s Anantrai and Sons, a silver firm in Nagpur, said a major spurt in buying was seen last month. Even investors purchased a considerable amount of raw silver hoping for rates to further go up. Bakhai says even as there has been hectic investment buying, a typical jeweller making ornaments and artefacts prefers that rates should be within moderate range so that even the general consumer can buy.
"The customs duty on gold and silver was cut to 6% in the budget. As it brought down rates by 4,000, a number of traders who purchased bullion at higher rates were left in losses," said Nilesh Rathi, a bullion analyst.