Silver became costlier by ₹19,000 this week: This is a 13% increase, gold also rose by 4%; This year gold became costlier by ₹ 45,363 and silver by ₹ 78,483

This week there was a significant increase in the prices of gold and silver. According to IBJA, the price of 10 grams of 24 carat gold increased by Rs 4,571 (4%) in a week to ₹ 1,21,525. On the last day of last week (3 October) the price was at ₹1,16,954.

At the same time, an even greater rise in the price of silver was seen during this period. On October 3, the price of silver was ₹ 1,45,610 per kg, which increased by ₹ 18,890 (12.90%) to ₹ 1,64,500 by October 10.

Reason for rise in gold and silver prices

• Sleep: Experts believe that uncertainty in the global market, fluctuations in the value of the dollar, and increased demand during the festive season have increased gold prices. Apart from this, purchase of gold by central banks and inclination of investors towards gold as a safe investment are also major reasons for this rise.
• Silver: According to experts, the increase in industrial demand, especially the need for silver in the electronics and solar energy sectors, was the main reason for this rise. Besides, demand for silver coins and jewelery during the festive and wedding season also further boosted the prices.

This year gold became costlier by ₹ 45,363 and silver by ₹ 78,483

So far this year, the price of gold has increased by Rs 45,363. On December 31, 2024, 10 grams of 24 carat gold was worth Rs 76,162, which has now become Rs 1,21,525.

The price of silver has also increased by Rs 78,483 during this period. On December 31, 2024, the price of one kg silver was Rs 86,017, which has now become Rs 1,64,500 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.

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.

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