KKN Gurugram Desk | Gold and silver prices in India continue to fluctuate due to global market trends, taxation policies, and demand-supply factors. In February, gold prices have been rising steadily, reaching an all-time high. As the festival season approaches, especially with Mahashivratri, the demand for gold and silver has increased significantly in Varanasi and other major cities.
On Monday, February 24, 2025, gold prices surged by ₹370 per 10 grams, while silver saw a minor increase of ₹100 per kilogram. Experts predict that gold prices may see a slight decline in March, but the overall trend remains bullish.
Gold Price Today: Rates Continue to Rise in Sarafa Market
Gold Prices in Varanasi on February 24, 2025:
- 24-carat gold price: ₹87,910 per 10 grams (up by ₹370).
- 22-carat gold price: ₹80,600 per 10 grams (up by ₹310).
- 18-carat gold price: ₹65,940 per 10 grams (up by ₹250).
The Varanasi Bullion Association confirmed that gold has reached its highest level in recent months. Just a day before, on February 23, the price of 24-carat gold was ₹87,540, and 22-carat gold was ₹80,290 per 10 grams.
The steady rise in gold rates is attributed to high demand, global market trends, and inflation concerns. Many investors are shifting to gold as a safe investment amidst economic uncertainty.
Silver Price Today: Minor Gains Reported
While gold saw a significant jump, silver prices also increased but at a slower pace.
- Silver price on February 24: ₹1,00,400 per kg (up by ₹100).
- Silver price on February 23: ₹1,00,200 per kg.
The rise in silver prices is influenced by its increasing industrial demand, especially in electronics, solar panels, and jewelry-making sectors.
Why Are Gold and Silver Prices Rising?
The increase in gold and silver prices is due to several economic and global factors:
- High Demand in India: As festivals and wedding season approach, gold and silver purchases have increased significantly.
- Global Market Trends: International gold prices impact local rates. Recent global inflation fears and economic instability have pushed investors towards gold.
- Stock Market Uncertainty: When stock markets fluctuate, investors prefer gold as a safe asset, increasing its demand.
- Import Duty and Taxes: Changes in import duty and local taxation also affect gold and silver prices in India.
Gold Price Forecast: Will Prices Drop in March?
Experts believe that gold prices may see a slight dip in March, but a significant drop is unlikely. Factors influencing future gold rates include:
- Global economic trends and inflation rates.
- US Federal Reserve’s interest rate policies.
- India’s demand-supply balance during the wedding season.
Many analysts suggest that investors should watch market trends closely and buy gold during price corrections for better returns.
Things to Keep in Mind While Buying Gold
If you are planning to buy gold, ensure the following:
- Check Gold Purity: 24-carat gold is the purest, followed by 22-carat and 18-carat variants.
- Look for Hallmark Certification: Always buy hallmarked gold jewelry to ensure authenticity and quality.
- Compare Prices Across Different Cities: Gold rates may vary slightly in Delhi, Mumbai, Chennai, Kolkata, and other cities.
- Buy from Authorized Jewelers: Always purchase gold from trusted and reputed jewelers to avoid fraud.
As gold prices continue to rise, many investors are seeing it as a safe-haven asset. With Mahashivratri and the wedding season approaching, demand for gold and silver is expected to remain high.
While March might see a minor price correction, the long-term trend remains positive. Investors and buyers should stay updated with daily gold and silver rates to make informed purchasing decisions.
For the latest gold and silver price updates, keep following our news portal. Stay informed and make wise investment choices!