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At the global level, the price of silver is increasing due to high demand and low supply.
Today (September 10) the price of silver has reached an all-time high of Rs 1.62 lakh for the first time. According to experts, due to increase in industrial demand, the price of silver is increasing for the fifth day.
According to India Bullion and Jewelers Association (IBJA), silver rose by Rs 2,593 to Rs 1,62,143 per kg. Earlier on Thursday, it was at the price of Rs 1,59,550 per kg.
At the same time, after four consecutive days of increase in the price of gold, a decline is being seen today. 10 grams of 24 carat gold has fallen by Rs 1,784 to Rs 1,20,845. Earlier it was at Rs 1,22,629, which was the all-time high price of gold.
This year gold became costlier by ₹ 44,683 and silver by ₹ 76,126
So far this year, the price of gold has increased by Rs 44,683. On December 31, 2024, 10 grams of 24 carat gold was worth Rs 76,162, which has now become Rs 1,20,845.
The price of silver has also increased by Rs 76,126 during this period. On December 31, 2024, the price of one kg silver was Rs 86,017, which has now become Rs 1,62,143 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.
Silver price is increasing due to 4 reasons
- Like gold, demand for silver has increased due to festivals like Diwali-Karva Chauth.
- Import cost increased due to weakness of rupee, due to which silver prices are increasing.
- Increasing demand for silver in industries like electronics, solar panels also increased the prices.
- The decrease in silver supply at the global level also contributed to the rise in prices.
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, investing in it can be beneficial in the long term.
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). Under the new rule, gold will not be sold without six-digit alphanumeric hallmarking from April 1. Just as there is a 12 digit code on the Aadhaar card, similarly gold will have a 6 digit hallmark code. This is called Hallmark Unique Identification Number i.e. HUID.
This number can be alphanumeric i.e. something like this – AZ4524. Through hallmarking it has become possible to find out how many carats of 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.
24 carat gold is considered to be the purest gold, but jewelery is not made from it because it is very soft. Generally 22 carat or less gold is used for jewellery.
Check price according to carat like this
Suppose the price of 24 carat gold is Rs 60 thousand per 10 grams. That means the price of one gram of gold was Rs 6000. In such a situation, the price of 1 gram gold of 1 carat purity was 6000/24 i.e. 250 rupees.
Now suppose your jewelery is made of 18 carat pure gold, then its price is 18×250 i.e. Rs 4,500 per gram. Now the exact price of gold can be calculated by multiplying the number of grams of your jewelery by Rs 4,500.
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