Bullion Bull Run: 1 tola gold costlier than a kg of silver
Nagpur: The gold-silver equation has gone haywire. In a rare instance, traders say 1kg of silver is cheaper than one tola (10 gram) of gold, indicating a sharp increase in gold prices.
On Tuesday, the rate of a tola of gold stood at Rs99,000 (Rs101,970 with GST), while one kg of silver was at Rs97,000. The yellow metal crossed the Rs1 lakh mark with GST on Monday itself. A difference of Rs2,000 is not only significant but, but also not in line with the normal trends, say traders. A tola and a kg are standard measures for gold in the domestic market. Globally, the rates are quoted in dollars per ounce. Normally, one kg of silver remains costlier than one tola of gold.
This indicates a one-sided rally in the price of gold, which has now left silver behind. The sliding dollar, differences between the US President and Fed chief, and volatile geopolitical situations have led to funds being parked in gold, fuelling its price. The same factors have impacted the industrial consumption of silver, keeping its rates moderate. Silver also has an industrial use while gold is used in ornaments and as a safe haven asset.
Rajesh Rokde, president of Gems and Jewellery Council (GJC), said this shows that if gold is racing ahead, silver still has some headroom. TOI collected the last five years' rates from the local market at Sarafa Oli in Itwari. A person who invested in the yellow metal in the Covid year of 2020 now stands to gain more than double the principal amount. Silver, on the other hand, has given 25% returns since then.
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Around March-April 2020, gold rates stood at Rs41,600 a tola, now touching Rs99,000 (without GST), an increase of 137% since then. Silver, on the other hand, gave over 25% returns compared to the physical market rates. Meanwhile, the gold exchange-traded funds (ETF) rates have also crossed Rs81 a unit, while silver ETFs are over Rs93 on average.
Investors in sovereign gold bonds got a price of Rs9,669 per unit for premature redemption of bonds issued in October 2018, again giving handsome returns, said market sources.
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