Silver has reached an all time high. The shine of silver has intensified in Bhopal, the capital of Madhya Pradesh.
According to the Bullion Association, the rate of 1 kg silver has reached Rs 88500. There has been an increase of Rs 11,700 in one and a half months.
On the other hand, gold is also shining hige as 24 carat 10 gram gold is available for Rs 75,750. Due to this, the bullion business in Bhopal has declined by 30 percent.
Bhopal Bullion Federation spokesperson Navneet Kumar Aggarwal said , silver reached record level in Bhopal on Thursday. Similar is the condition of gold also. For the second time the price has become Rs 75,750.
There are more than 1000 gold and silver shops in Bhopal. There is a bullion market in the old city, while there are shops all over the city including New Market, Number 10 Market, Kolar, Hoshangabad Road, Bairagarh.
There was good footfall in the market due to marriage auspicious time in March-April, but currently the wedding season has come to a halt. Due to this the subscription is less. Especially middle class people have distanced themselves from the market. There is definitely a crowd of farmers after the harvest of wheat and gram. Overall sales have witnessed a decrease by 30 percent. Subscriptions will pick up again in June.
Traders claim that the market has been bullish since March. Due to this, the rates of gold and silver have increased. The rate of silver was Rs 73500 per kg on March 1 and Rs 76800 per kg on April 1, which reached Rs 88500 on May 16. In this way, there has been an increase of Rs 11700 in one and a half months. At the same time, the rate of gold was Rs 64700 per 10 grams on March 1, which reached Rs 75750 on May 16. In this way, it has increased by Rs 4700 in one and a half months.
Spokesperson Aggarwal said that gold rates have increased at the international level. Which is affecting the Bhopal market also.
On the other hand, silver is being used more in industries. Silver is being used in every electronic device. That's why silver prices are increasing. In the next one year, gold prices may go up to Rs 80000 to Rs 85000 per 10 grams. Whereas silver can also reach Rs 1 lakh per kg.
