In the recent past, there has been a huge jump in the prices of gold and silver. After all, what is the reason behind the increase in the prices of gold and silver, Finance Minister Nirmala Sitharaman has responded on this. He said, the government is keeping a close watch on the prices of gold and silver and the situation is not worrisome. He also said that the increasing demand for gold in the domestic market appears to be seasonal.
What did Nirmala Sitharaman say?
While talking to the media, the Union Finance Minister said, ‘India buys gold from other countries, we are an import dependent country. Almost all the gold coming in the market is imported, we have taken necessary steps but they are not enough to meet the demand. He further said, people in India consider gold as their favorite investment. The increasing demand for gold in the domestic market also appears to be seasonal.
Finance Minister explained why prices are increasing
The Union Finance Minister said, ‘We are keeping an eye on this. The situation is not worrying right now. Apart from this, Reserve Bank of India is also monitoring the situation of gold and silver. He further said, in today’s era, most of the countries, especially the central banks, are purchasing gold and silver. International prices of gold and silver are also increasing rapidly due to purchases by central banks.
Rise in gold and silver prices on March 23
On Monday (23 February), there was a huge jump in the prices of gold and silver. On MCX, gold is trading at Rs 1,59,493 per 10 grams with a rise of 1.67 percent while silver is trading at Rs 2,65,653 per kg with a rise of 5.02 percent. According to the Good Returns website, the price of 10 grams of 24 carat gold is Rs 1,61,350. At the same time, the price of one kg silver has become costlier by Rs 25,000 and has reached Rs 3 lakh.
