Bhopal (Madhya Pradesh): About 45 percent inflated rate of gold has greeted wedding season in Madhya Pradesh. On eve of marriage season, rate of 10-gram gold and 24-karat gold was Rs 95,500.

It was Rs 95,000 per kg silver, according to Sarafa bazaar, Bhopal, which attributes high rate to the escalating trade tensions between the US and China.

“Currently, gold price is Rs 95,500 for 10 grams (24 karat). It is almost 45 per cent hike in gold price compared to last year. It is likely to increase in days to come with passing of wedding season.

Customers opt for old gold exchange also to avail of the latest designs. They also know that gold is one of the safest investments,” Sarafa Bazaar trader Madhur Agrawal said.

City jewellers said that while the price of gold increased by 45%, buyers' budgets have not increased accordingly. Eventually, people will end up buying less in volume and shift to costume jewellery.

On April 14, the price of 22 carat gold in Madhya Pradesh was Rs 8,850 per gram, according to Sarafa Bazaar. In days to come, 10 grams of gold will cost Rs 96,000 from April 15 to April 17.

The wedding season has started but there is panic among the buyers. Whether they are purchasing for the next marriage season or the one starting from November this year, buyers have started placing orders in small quantities.