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Today, on the occasion of Pushya Nakshatra (13 October), the price of gold has crossed Rs. 1.25 lakh for the first time. According to India Bullion and Jewelers Association (IBJA), the price of 10 grams of 24 carat gold has increased by Rs 1,527 to Rs 1,25,682. Earlier on Monday it was at Rs 1,24,155.
At the same time, the price of silver has increased by Rs 850 in a day to Rs 1,76,175 per kg, which is also its all-time high. On Monday it was at Rs 1,75,325. According to experts, due to festive season, industrial demand and less supply and increase in demand at the global level, the price of silver is continuously increasing.
This year gold became costlier by ₹ 49,520 and silver by ₹ 90,158
So far this year, the price of gold has increased by Rs 49,520. On December 31, 2024, 10 grams of 24 carat gold was worth Rs 90,158, which has now become Rs 1,25,682.
The price of silver has also increased by Rs 89,308 during this period. On December 31, 2024, the price of one kg silver was Rs 86,017, which has now become Rs 1,76,175 per kg.
Gold can go up to Rs 1.55 lakh
According to a recent report by Goldman Sachs, the bank has set a target of $ 5000 per ounce for gold by next year. According to the current exchange rate in rupees, it will be approximately Rs 1,55,000 per 10 grams. Sandeep Raichura, director of brokerage firm PL Capital, said that gold can go up to Rs 1,44,000 per 10 grams.
Three big reasons due to which gold prices rose
- Festive Season Demand: Buying gold on Diwali-Dhanteras is considered auspicious. This has strengthened the buying interest, even if the quantity is less due to high prices.
- Geopolitical Tension: Investors are buying gold due to turmoil in the Middle East and trade war concerns. There is uncertainty about America’s policies.
- Central Banks Purchasing: Big banks around the world want to reduce their dependence on the dollar. Therefore, they are continuously increasing the share of gold in their treasury.
Silver price is increasing due to 3 reasons
- Like gold, the demand for silver has increased due to festivals like Diwali.
- Silver prices are increasing due to the weakness of the rupee.
- Demand for silver has increased in industries like electronics, solar panels.
Now is not the right time to invest in gold
According to Kedia Advisory Director Ajay Kedia, gold has increased by about 60% this year, so there is little hope of further rise in the short term. People can recover profits. However, investing in it can be beneficial in the long term.
Keep these 2 things in mind while buying gold
1. Buy only certified gold: Always buy certified gold bearing the hallmark of Bureau of Indian Standards (BIS). This number can be alphanumeric i.e. something like this – AZ4524. Hallmarking shows how many carats the gold is.
2. Price Cross Check: Cross-check the correct weight of gold and its price on the day of purchase from multiple sources (such as the website of India Bullion and Jewelers Association). The price of gold varies according to 24 carat, 22 carat and 18 carat.
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