Gold prices rise 60% to Rs 1.57 lakh from Rs 98,000 a year ago; sales decline by 15%, demand for coins increases.

In Mumbais spot market on Monday, the price of gold was noted at Rs 1.57 lakh per 10 grams, inclusive of a 3% Goods and Services Tax (GST). This figure represents approximately a 60% increase compared to the price of Rs 98,000 per 10 grams recorded during Ganesh Chaturthi last year, which occurred on August 28.

The substantial rise in gold prices can be attributed to several factors, including global economic conditions, inflationary pressures, and fluctuations in currency value. Gold is often regarded as a safe-haven asset during times of economic uncertainty, leading to increased demand and higher prices. According to market analysts, investors are closely monitoring trends in both domestic and international markets as they pertain to gold, given its traditional significance during festival seasons in India. The ongoing demand for gold, especially during festive periods, further contributes to price dynamics.