With the commencement of the festive season, trading activity in the bullion market of Varanasi in Uttar Pradesh has begun picking up momentum. In the very first week of August, prices of both gold and silver have demonstrated a strong upward trajectory. In the local jewellery market of Varanasi, the continuous movement in precious metal rates has created a temporary lull in retail footfall as prospective buyers monitor price trends closely. However, with the wedding season approaching, local jewelers have started receiving sporadic advance orders for traditional jewellery.
Latest Gold Rates in Varanasi Bullion Market (24K, 22K, and 18K)
The bullion market in Varanasi witnessed sustained brightness in gold prices on Saturday, August 8. Upon market opening on Saturday, 24-karat gold recorded a price increase of Rs 180 per 10 grams. This gain brought the opening rate of 24-karat gold to Rs 1,50,040 per 10 grams. Comparing this figure to the previous week's rates, 24-karat gold was priced at Rs 1,44,370 per 10 grams. Consequently, the price of 24-karat gold surged by Rs 5,670 per 10 grams within a span of just one week.
A similar sharp upward trend was observed in 22-karat gold prices. On Saturday, 22-karat gold was quoted at Rs 1,37,550 per 10 grams in the Varanasi market. In the preceding week, the rate stood at Rs 1,32,350 per 10 grams. This indicates a weekly price increase of Rs 5,200 per 10 grams for 22-karat gold. Meanwhile, 18-karat gold, which is widely utilized in crafting studded jewellery, was priced at Rs 1,12,570 per 10 grams on Saturday.
Silver Prices Jump by Rs 5,000 with All-Time High Context
Alongside gold, silver also experienced a notable price jump in Varanasi. On Saturday, silver was traded at Rs 2,40,000 per kilogram in the local market. Just a week prior, silver was available at Rs 2,35,000 per kilogram. This represents an increase of Rs 5,000 per kilogram over the course of seven days. Despite this weekly rise, current silver prices remain approximately Rs 1,80,000 per kilogram below the metal's all-time high record level.
Jewelers Eye Wedding and Festive Season Demand
Vishwajeet Verma of Nirmala Jewelers provided insights into the current market sentiment in Varanasi. He stated that the ongoing price fluctuations in gold and silver are directly impacting customer buying patterns, leading to cautious retail spending. Nevertheless, the onset of the wedding season offers encouragement to bullion traders. Small and selective orders are already beginning to arrive at jewellery shops, and trade expectations indicate that jewellery orders for gold and silver will rise significantly over the next 1 month.
Expert Price Projections for Coming Days
Market experts anticipate that the bullish momentum in precious metal prices will persist in the coming days. According to market forecasts, silver prices may advance toward the Rs 3,00,000 per kilogram milestone once again. Concurrently, 24-karat gold prices are projected to trade near the Rs 1,60,000 per 10 grams mark in the near term.
