Suryaa Business Desk: Shocking news for common people who want to buy gold during festivals. The prices of pasidi which have been declining for some time now, Diwali... Shocking news for common people who want to buy gold during festivals. The prices of pasidi, which have been on the decline for some time now, are hitting the sky again as the Diwali festival approaches. Due to the festive season, the demand for gold in the market has suddenly increased. Gold rates have been rising rapidly due to a surge in domestic crude purchases, coupled with changes in international markets. Pasidi lovers are worried as financial analysts think that these prices are likely to increase further in the future.
The gravity of the situation can be understood if we look at the details of paddy prices recorded in major cities. While the price of 10 grams of 24 carat pure Melimi gold in the Hyderabad market continued at Rs.1,42,760, the rate of 22 carat gold used for jewelery was Rs.1,30,860. In the cities of Vijayawada and Visakhapatnam in Andhra Pradesh, the price of 24 carats is Rs.1,42,760 and the price of 22 carats is trading at Rs.1,30,860. While the exact same prices were recorded in the IT city of Bangalore and Chennai, in the national capital, Delhi, the price of 24 carats rose to Rs.1,42,910 and the price of 22 carats to Rs.1,31,010. Along with pasidi, the prices of silver are also trading at a huge level and showing drops to the common man. Silver price has settled at Rs 2,19,900 per kg in major cities of the country namely Hyderabad, Delhi, Bangalore and Chennai. Although there is little change in silver rates compared to yesterday, it is noteworthy that it is trading near the Rs.2.20 lakh mark.
These prices have become a big burden for those who buy silverware and coins during the festival. A number of economic factors are responsible for this extreme price hike, along with the festival demand. Majority of people believe that buying gold and silver during Diwali and Dhanteras is an auspicious act of Goddess Lakshmi. With this confidence, there is a sudden increase in purchases and demand in the market. On the other hand, international expectations that the Federal Reserve Bank of America may increase interest rates, as well as the interest of central banks of various countries around the world to increase their green reserves, are also making gold rates run, according to experts.