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This week there was a significant increase in the prices of gold and silver. According to the Indian Bullion Jewelers Association (IBJA), the price of 10 grams of 24 carat gold increased by Rs 8,059 (6.63%) in a week to Rs 1,29,584. On the last day of last week (October 10), the price was at ₹1,21,525.
At the same time, the price of silver remained less expensive than that of gold during this period. On October 10, the price of silver was ₹ 1,64,500 per kg, which increased by ₹ 4,730 (2.87%) to ₹ 1,69,230 by October 17. On October 14, silver had reached an all-time high of ₹ 1,78,100.
This year gold became costlier by ₹ 53,422 and silver by ₹ 83,213
So far this year, the price of gold has increased by Rs 53,422 (70.14%). On December 31, 2024, 10 grams of 24 carat gold was worth Rs 76,162, which has now become Rs 1,29,584.
The price of silver has also increased by Rs 83,213 (96.74%) during this period. On December 31, 2024, the price of one kg silver was Rs 86,017, which has now become Rs 1,69,230 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.
See the price of gold in different cities of the country in the map…
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, long term investment in this can give benefits.
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.
Read this news also…
Silver prices doubled in 10 months: From ₹ 86 thousand to ₹ 1.75 lakh, returns 37% more than gold; Know how appropriate it is to invest in this
This year the price of silver has more than doubled to Rs 1.75 lakh per kg. This is the biggest rise in the price of silver in history. At the same time, it gave 37% more returns than gold.
In such a situation, the question in the minds of many people is why are the prices of silver increasing so much? Is this the right time to buy silver? What are the safe ways to invest in silver? Read the full news…
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