Gold and silver prices at all-time high for the third consecutive day: Gold rose by ₹ 352 to ₹ 1.37 lakh; Silver became costlier by ₹ 1.33 lakh this year

Silver has become costlier by Rs 30,673 in the last ten days.

Gold and silver prices are at all-time high today, December 24, for the third consecutive day. According to India Bullion and Jewelers Association (IBJA), gold has increased by Rs 352 to Rs 1,36,635 per 10 grams. Earlier on Tuesday it was at Rs 1,36,283.

At the same time, the price of 1 kg silver has increased by Rs 7,934 to reach an all-time high of Rs 2,18,954 per kg. Yesterday its price was ₹2,11,020/kg. Silver has become costlier by Rs 30,673 in ten days. On December 11, its price was Rs 1,88,281 per kg.

Why are rates different in different cities? IBJA gold prices do not include 3% GST, making charge, jewelers margin. Therefore the rates of cities are different from this. 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 became costlier by ₹ 60,473 and silver by ₹ 1.33 lakh

• So far this year, the price of gold has increased by Rs 60,473. On December 31, 2024, 10 grams of 24 carat gold was worth Rs 76,162, which has now become Rs 1,36,635.
• The price of silver has also increased by Rs 1,32,937 during this period. On December 31, 2024, the price of one kg silver was Rs 86,017, which has now become Rs 2,18,954 per kg.

3 main reasons for the rise in gold

• Dollar weak- Due to America’s reduction in interest rates, the dollar weakened and the holding cost of gold came down, due to which people started buying it.
• Geopolitical- Due to Russia-Ukraine war and increasing tension in the world, investors are buying gold considering it as the safest investment.
• reserve Bank- Countries like China are filling their reserve banks with gold, they are purchasing more than 900 tonnes in a year, hence the prices are going up.

3 main reasons for the rise in silver

• Industrial Demand- Heavily used in solar, electronics and EV, silver has now become an essential raw material and not just jewellery.
• Trump’s tariff fear- American companies are accumulating huge stocks of silver, prices rose due to reduction in global supply.
• Manufacturers in competition- Everyone is already buying due to the fear of production stoppage, which is why the rise will continue in the coming months also.

Prices may increase further in the coming days

Ajay Kedia, Director of Kedia Advisory, says that the demand for silver is currently on a rise which is expected to continue further. In such a situation, silver can go up to Rs 2.50 lakh in the next 1 year. By the end of this year, the price of silver can reach Rs 2.10 lakh per kg.

If we talk about gold, its demand also remains strong. In such a situation, by next year it may cross Rs 1.50 lakh per 10 grams. By the end of this year, its price can reach Rs 1.35 lakh per kg.

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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