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- Gold Price All Time High | What is the price of Gold Silver today?
Mumbai13 minutes ago
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The price of gold has crossed Rs 77,000 per 10 grams for the first time. According to the data of India Bullion and Jewelers Association (IBJA), today (Friday, October 18) gold has become costlier by Rs 522 and stands at Rs 77,332.
At the same time, silver is being sold at Rs 91935 per kg with an increase of Rs 335. A day before this, silver was at Rs 91,600. The all-time high of silver is Rs 94,280 per kg which it made on 29 May 2024.
Festive season increased demand for gold
- Apart from increasing geopolitical tension, the festive season has increased the demand for gold.
- Festivals like Diwali and Dhanteras are considered auspicious for buying gold.
- Wedding season is about to come after the festive season, hence there is a rise in gold prices.
- In the turmoil of the world, gold is seen as the safest investment.
Gold price in 4 metros and Bhopal
- Delhi : The price of 10 grams 22 carat gold is Rs 72,550 and the price of 10 grams 24 carat gold is Rs 79,130.
- Mumbai : The price of 10 grams 22 carat gold is Rs 72,400 and the price of 10 grams 24 carat gold is Rs 78,980.
- Kolkata : The price of 10 grams of 22 carat gold is Rs 72,400 and the price of 10 grams of 24 carat gold is Rs 78,980.
- Chennai : The price of 10 grams 22 carat gold is Rs 72,400 and the price of 10 grams 24 carat gold is Rs 78,980.
- Bhopal : The price of 10 grams 22 carat gold is Rs 72,450 and the price of 10 grams 24 carat gold is Rs 79,030.
Note: Data from India Bullion and Jewelers Association (IBJA) gives the average prices of gold and silver in the country. Whereas, the prices of metros or other cities are taken from jewelers.
Gold is a safe investment in times of uncertainty
Jatin Trivedi, VP and Research Analyst – Commodity and Currency, LKP Securities, said the rise in gold is being driven by increasing uncertainty in the returns of risky assets, making gold an attractive investment for investors.
Trivedi said, the ongoing geopolitical tension in West Asia as well as the expectation of further cuts in interest rates are supporting the rise in gold prices. He said- Gold has strong support on MCX around ₹ 76,300- ₹ 76,500.
Keep these 3 things in mind while buying gold
1. Buy only certified gold Always buy certified gold bearing the hallmark of Bureau of Indian Standards (BIS). There is a 6 digit hallmark code on gold. This is called Hallmark Unique Identification Number i.e. HUID. This number is alphanumeric i.e. something like this – AZ4524. Through hallmarking it is possible to find out how many carats a gold is.
2. Cross check the price 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. 24 carat gold is considered the purest gold, but jewelery is not made from it because it is very soft.
3. Do not pay cash, take bill While buying gold, it is better to make payment through UPI (like BHIM app) and digital banking instead of cash payment. If you want, you can also make payment through debit or credit card. After this don’t forget to take the bill. If ordering online then definitely check the packaging.
Read this also…
Buying opportunity in the recent fall in gold prices: Gold has always given better returns in the long term, keep 15% of it in the portfolio.
The government has reduced the custom duty on gold from 15% to 6%. After this, there has been a huge fall in the prices of gold at the domestic level. In such a situation, the question before investors is whether to make new investment in gold or not and what to do with the old investment.
Gold is generally a long-term investment and provides protection against inflation. Therefore, one should not be affected by any short term decline. Gold’s outlook remains positive.
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