Commodities
Indian Gold and Silver Prices Soar Amid Central Bank Buying Frenzy
The prices of gold and silver have continued to rise in India this week. According to the India Bullion and Jewellers Association (IBJA), a kilogram of silver increased by ₹7,988 to reach ₹2.37 lakh. The price of 10 grams of 24-carat gold rose from ₹1.52 lakh to ₹1.54 lakh, an increase of ₹1,789.
Anindya Banerjee, senior vice-president at Kotak Securities, believes that central banks and ordinary people are buying gold, leading to a rise in prices. He predicts that gold could reach ₹1.70 lakh and silver ₹3 lakh by December.