Silver became costlier by Rs 27,771 in a week: Price of 1 kg reached Rs 2.28 lakh, price increased by 165% this year; Gold became costlier by ₹6,177 in a week

Silver prices witnessed a rise for the fifth consecutive week. According to India Bullion and Jewelers Association (IBJA), the price of one kg silver was Rs 2,00,336 on December 19, which increased by Rs 27,771 in a week to reach Rs 2,28,107/kg on December 26. This week, silver made all-time high for four consecutive days and closed at Rs 9,124 on Friday, the last day of the week.

Here, there was a rise in gold also. On the last trading day of last week i.e. on December 19, 10 grams of 24 carat gold was worth Rs 1,31,779. It became expensive by Rs 6,177 in a week and reached Rs 1,37,956 on Friday, December 26. This is the highest price of gold.

This year gold became costlier by ₹ 61,794 and silver by ₹ 1,42,090

• So far this year, the price of gold has increased by Rs 61,794 (81.13%). On December 31, 2024, 10 grams of 24 carat gold was worth Rs 76,162, which has now become Rs 1,37,956.
• The price of silver has also increased by Rs 1,42,090 (165.18%) during this period. On December 31, 2024, the price of one kg silver was Rs 86,017, which has now become Rs 2,28,107 per kg.

Also check the price at which gold and silver are available in your city…

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.

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.

Keep these 2 things in mind while buying gold

• 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.
• 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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