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- Gold, Silver Prices Surge: Gold Hits ₹1.42 Lakh10g, Silver Hits All Time High
New Delhi28 minutes ago
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Today, on January 16, the price of silver is rising for the fourth consecutive day. According to India Bullion and Jewelers Association (IBJA), the price of silver has increased by Rs 5,208 to reach an all-time high of Rs 2,82,720 per kg. Earlier on January 14, the price of silver was Rs 2,77,512.
Silver has become costlier by Rs 40 thousand in four days. At the same time, after three days of rise in the price of gold, there is a decline today. The price of 10 grams 24 carat gold fell by Rs 298 today and opened at Rs 1,41,717. On January 14, it had made an all-time high of Rs 1,42,015.
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.
Gold will become costlier by 75% and silver by 167% in 2025
- Last year i.e. in 2025, the price of gold has increased by Rs 57,033 (75%). On December 31, 2024, 10 grams of 24 carat gold was worth Rs 76,162, which will become Rs 1,33,195 on December 31, 2025.
- The price of silver also increased by Rs 1,44,403 (167%) during this period. On December 31, 2024, the price of one kg silver was Rs 86,017, which became Rs 2,30,420 per kg on the last day of this year.
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.
4 ways to identify real silver
- Magnet Test: Real silver does not stick to magnets. If it sticks then it is fake.
- Ice Test: Place ice on silver. Ice will melt much faster on real silver.
- Smell Test: Real silver has no smell. Fakes may smell like copper.
- Cloth Test: Rub the silver with a white cloth. If a black mark appears then it is real.
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