2023-11-29 21:53:00
Tamil Nadu Sees Record High in Gold Prices: Concerns Among Women
In a concerning development, the price of jewelry in Tamil Nadu has reached an all-time high of Rs 47,000, causing worry among women in the state. Yesterday, the price of 22 carat gold for 1 gram was Rs 5,780 and Sawaran was sold for Rs 46,240. Meanwhile, silver was sold at Rs 81.50 per gram.
The unprecedented hike in prices continued as gold prices rose by Rs 90 to Rs 5,870 per gram, and Sawaran increased by Rs 720 to sell at Rs 46,960. Sawaran gold prices then hit a peak of Rs 47,000, further adding to the concerns of consumers. Furthermore, silver rose by 70 paise to sell at Rs 82.20 per gram.
Jayantilal Chalani, President of the Chennai Gold and Diamond Jewelers Association, attributed the skyrocketing prices to a combination of global and local factors. He mentioned the ongoing conflicts in Russia and Ukraine, as well as in Israel and Palestine, along with the economic decline in the US, China, and Europe. He also highlighted the resurgence of infectious diseases in China as contributing factors.
Chalani also pointed out that the unfavorable environment in the price index, employment index, and manufacturing sector indices in the United States may lead to further economic decline, prompting large and small investors worldwide to invest in gold for safety reasons.
He concluded by stating that the increase in the price of gold in the country can be directly attributed to these global and local factors. As a result, the price of gold has reached a new peak, causing concerns among consumers, particularly women in Tamil Nadu. The situation is expected to continue unless the underlying global and local factors change.
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