Gold, Silver Prices Soar on Jan 3; Consumers Shift to Coins Over Jewelry

• Gold and silver prices appreciated significantly on January 3, with 24K gold reaching Rs 1,36,210 per 10 grams in Mumbai.
• City-wise rates show 24K gold at Rs 1,36,360 in Delhi/Jaipur and Rs 1,36,210 in Mumbai/Pune/Hyderabad/Chennai/Bengaluru/Kolkata.
• Indian consumers are increasingly choosing gold coins and bars over traditional jewelry due to record high prices and making charges.
• Global gold prices surged 67% this year, hitting a record $4,549.7 per troy ounce, driven by safe-haven demand, US rate cuts, and a weaker dollar.
• Indian domestic gold prices climbed 77% this year, influenced by international rates, import duties, taxes, and exchange rate fluctuations.

Why It Matters: Gold and silver prices rose sharply on Jan 3, leading Indians to prefer coins over jewelry.