Gold rose by ₹2,211 and crossed ₹1.26 lakh: Silver became costlier by ₹7,103; This year gold became costlier by ₹ 50,000 and silver by ₹ 78 thousand

On December 31, 2024, the price of one kg silver was Rs 86,017, which has now become Rs 1,63,808 per kg.

There is a big increase in the prices of gold and silver today i.e. on 13th November. According to India Bullion and Jewelers Association (IBJA), 10 grams of gold has increased by Rs 2,211 today to reach Rs 1,26,124. Yesterday its price was Rs 1,23,913 per 10 grams.

At the same time, silver has increased by Rs 7,103 to Rs 1,63,808 per kg. Yesterday it was Rs 1,56,705 per kg. On October 17, gold had made an all-time high of Rs 1,30,874 and on October 14, silver had made an all-time high of Rs 1,78,100.

This year gold became costlier by ₹ 49,962 and silver by ₹ 77,791

• So far this year, the price of gold has increased by Rs 49,962. On December 31, 2024, 10 grams of 24 carat gold was worth Rs 76,162, which has now become Rs 1,26,124.
• The price of silver has also increased by Rs 77,791 during this period. On December 31, 2024, the price of one kg silver was Rs 86,017, which has now become Rs 1,63,808 per kg.

4 reasons for different prices of gold in cities

1. Transportation expenses: Gold is a physical thing, so it costs money to transport it. Most imports are made by air. Then the gold has to be transported to the interior areas. Transportation expenses include fuel, security, vehicle, staff money etc.
2. Gold purchase quantity: The demand for gold varies according to the city and state. South India accounts for about 40% of India’s total gold consumption. Here sellers buy gold in bulk which reduces the prices. Whereas prices are higher in tier-2 cities.
3. Local Jewelery Association: For example, the gold rate in Tamil Nadu is decided by the Jewelers and Diamond Traders Association. Similarly, there are many other associations across the country which decide the prices.
4. Purchase Price of Gold: This is the biggest factor that affects gold rates in different cities. Jewelers who have bought the stock cheaply can charge lower rates.

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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