Gold and Silver Prices Soar, Silver Hits Historic High
Gold and silver prices are soaring at a rocket speed. Silver in particular has hit another historic high. Silver prices rose by almost 5 percent on Friday. The price of an ounce of silver in the international market has crossed the $75 mark. As a result, silver prices in India have also reached a record high. This morning, a kilo of silver is being sold for Rs.2,37,000 in the Hyderabad bullion market. Since the 18th of this month, the price of silver has increased by almost 14 percent. Gold prices have also taken wings. This morning, the price of 10 grams of 24-carat pure gold is Rs.1.40 lakh. The price of 22-carat gold has been recorded at Rs.1,28,350.
Silver has risen by Rs 1,37,300 or 153 percent so far this year. The price of a kilo, which was Rs 89,700 on December 31 last year, has now crossed Rs 2 lakh. Market experts say that the weak dollar, the possibility of reducing interest rates in the upcoming review by the US Federal Reserve, and the ongoing tension around the world have led to the increase in prices as investors divert their investments to safer precious metals.
