Gold became costlier by ₹ 1,196 and reached ₹ 1,21 lakh: became cheaper by 10 thousand in 14 days; Silver became cheaper by Rs 29,000 in 15 days, today the price increased by Rs 2,359

There is a rise in the prices of gold and silver today i.e. Friday, October 31. According to India Bullion and Jewelers Association (IBJA), the price of 10 grams of gold has increased by Rs 1,196 to Rs 1,20,815. Yesterday i.e. Thursday, the price of gold was Rs 1,19,619 per 10 grams. In the same month, on October 17, gold had made an all-time high of Rs 1,30,874. Since then its price has fallen by Rs 10,059.

At the same time, silver has increased by Rs 2,359 to Rs 1,49,142 per kg. On October 30, its price was Rs 1,46,783 per kg. In the same month, silver had reached an all-time high of Rs 1,78,100. Since then its price has decreased by Rs 28,958.

IBJA’s gold prices do not include 3% GST, making charges and jewelers margin, hence the rates in cities are different. RBI uses these rates to decide the rates of Sovereign Gold Bond. Many banks use it to decide the rates of gold loan.

This year gold is ₹ 44,653 and silver is ₹ 63,125 became expensive

• So far this year, the price of gold has increased by Rs 44,653. On December 31, 2024, 10 grams of 24 carat gold was worth Rs 76,162, which has now become Rs 1,20,815.
• The price of silver has also increased by Rs 63,125 during this period. On December 31, 2024, the price of one kg silver was Rs 86,017, which has now become Rs 1,49,142 per kg.

Market rise and fall – 4 big reasons for the rise

Before Diwali, the prices of gold and silver had reached their all-time high. But since Diwali, the prices of both – gold by Rs 10 thousand and silver by Rs 29 thousand have decreased.

1. Profit booking: There was a sharp rise in the prices of gold and silver in the last months. Now many investors are selling to book profits (profit booking), which is impacting the prices.
2. Demand for safe haven decreased: Seeing the trade tension between America and China decreasing, investors are now withdrawing money from safe assets like gold and silver and investing in the stock market and other high return places.
3. Dollar strength: The dollar has strengthened due to strong quarterly results of American companies and the possibility of interest rate cuts by the Federal Reserve. Due to this, gold and silver become expensive in other currencies, due to which global demand decreases.
4. Decrease in industrial demand: The demand for silver especially in industries has decreased. Silver prices are falling due to weak orders from electronics and solar sectors.

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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