Bullion trading in Varanasi has experienced a sharp increase in gold and silver prices as preparations for the upcoming wedding season gain momentum. During the second week of August, precious metals recorded consistent gains across all purities. On Saturday, August 15, retail bullion counters across the city reported notable price hikes for 24-karat, 22-karat, and 18-karat gold, alongside a major jump in silver rates. Local jewellers are already receiving advance orders from customers looking to secure bridal jewellery early.
Detailed Breakdown of Gold Rates in Varanasi Across Karat Categories
In the Varanasi bullion market on Saturday, August 15, the price of 24-karat pure gold rose to Rs 1,53,030 per 10 grams. This marks an increase of Rs 1,530 per 10 grams over the previous week's rate of Rs 1,51,500 recorded on August 9.
Similarly, 22-karat gold recorded a price of Rs 1,40,290 per 10 grams on Saturday, climbing by Rs 1,190 per 10 grams from its August 9 level of Rs 1,39,100. Meanwhile, 18-karat gold was quoted at Rs 1,14,810 per 10 grams in the local market. Buyers are advised to always check the official hallmark engraving on gold items prior to making purchases, as hallmark certification clearly indicates purity, with 24-karat designated as pure gold.
Silver Surges by Rs 9,900 per Kg as Demand Escalates
Silver prices in Varanasi witnessed a substantial rally over the past week, rising by Rs 9,900 per kilogram. On Saturday, silver traded at Rs 2,54,900 per kilogram, up significantly from Rs 2,45,000 per kilogram logged in the preceding week.
The surge in silver prices reflects strong underlying demand in the physical market as buyers prepare for major upcoming festivals and wedding celebrations. Bullion merchants emphasize the importance of verifying purity standards for both metals during peak buying periods.
Bullion Trader Projects Gold at Rs 1.65 Lakh by Deepawali
Local bullion trader Vishwajeet Verma noted that gold prices have continuously advanced through both the first and second weeks of August. He expressed expectation that the current upward trend in precious metal prices will persist over the coming months.
According to trade projections, 24-karat gold could reach Rs 1,65,000 per 10 grams by Deepawali. Simultaneously, silver is anticipated to touch Rs 2,80,000 per kilogram by the festival of Deepawali, driven by sustained seasonal demand and market momentum.
