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Gold and silver prices have reached all-time high today i.e. on October 9 for the fourth consecutive day. According to India Bullion and Jewelers Association (IBJA), 10 grams of 24 carat gold rose by Rs 472 to Rs 1,22,570. Earlier it was at Rs 1,22,098. At the same time, the price of silver also became costlier by Rs 1,400 and reached Rs 1,54,100. Yesterday it was at Rs 1,52,700.
This week, the price of gold has increased by Rs 5618 in just 4 trading days. Last Saturday i.e. on 4th October it was at Rs 1,16,952. Whereas silver has become costlier by Rs 8,490 during this period. Last Saturday it was at Rs 1,45,610.
This year gold became costlier by ₹ 46,408 and silver by ₹ 68,083
- So far this year, the price of gold has increased by about Rs 46,408. On December 31, 2024, 10 grams of 24 carat gold was worth Rs 76,162, which has now become Rs 1,22,570.
- The price of silver has also increased by Rs 68,083 during this period. On December 31, 2024, the price of one kg silver was Rs 86,017, which has now become Rs 1,52,700 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.
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.
4 big reasons, due to which there are chances of a rise in gold…
1. 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.
Affect: When big banks buy continuously, the demand for gold remains in the market and the price goes up.
2. The ‘Trump Factor’ and Policy-Uncertainty: There is uncertainty about America’s policies. Talks of intervention by the Federal Reserve weaken the dollar-bond market.
Affect: Investors look for safe investments and rush towards gold. Due to this the prices of gold start increasing.
3. The move from crypto to gold: Due to crypto fluctuations and fear of strict regulations, investors are investing money in gold. During the recent past, low returns from the stock market in India also made gold attractive.
Affect: The demand for gold causes prices to rise rapidly.
4. Long-Term Asset: Gold is never completely worthless. It does not perish, is in limited quantity and saves its value in times of inflation.
Affect: Keeping gold is mostly beneficial in the long run.
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