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- Gold Price Today (5 October); What is the price of gold and silver today? Business News
New Delhi1 minute ago
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This week there has been a rise in the prices of gold and silver. According to the website of India Bullion and Jewelers Association (IBJA), on last Saturday i.e. 28th September, gold was at Rs 75,640, which has now reached Rs 75,964 per 10 grams on (5th October). That means its price has increased by Rs 324 this week.
Whereas, if we talk about silver, it was at Rs 91,448 last Saturday, which has now reached Rs 92,200 per kg. This week its price has increased by Rs 752. This year, silver had reached its all-time high of Rs 94,280 per share on May 29.
Gold price in 4 metros and Bhopal
- Delhi : The price of 10 grams 22 carat gold is Rs 71,350 and the price of 10 grams 24 carat gold is Rs 77,820.
- Mumbai: The price of 10 grams 22 carat gold is Rs 71,200 and the price of 10 grams 24 carat gold is Rs 77,670.
- Kolkata : The price of 10 grams of 22 carat gold is Rs 71,200 and the price of 10 grams of 24 carat gold is Rs 77,670.
- Chennai : The price of 10 grams 22 carat gold is Rs 71,200 and the price of 10 grams 24 carat gold is Rs 77,670.
- Bhopal : The price of 10 grams 22 carat gold is Rs 71,000 and the price of 10 grams 24 carat gold is Rs 77,450.
Gold can go up to Rs 78 thousand by the end of the year According to Anuj Gupta, Commodity and Currency Head, HDFC Securities, gold and silver may see a rise in the coming days. This year gold can go up to Rs 78 thousand per 10 grams. Whereas silver can also reach Rs 1 lakh per kg.
3 main reasons for increasing gold price
- Israel–Hezbollah conflict: Investors’ confidence in the stock market declined due to the outbreak of war in the Middle East. They are turning to gold which is considered a safe investment option. This is the biggest reason for the rise in gold.
- US Fed: The US Federal Reserve unexpectedly cut interest rates by 0.5%. This weakened the dollar. This strengthened gold. The Fed has made up its mind to cut interest rates further. This will further weaken the dollar. Investors are investing more and more in gold.
- Festive Demand: This time in the country, the demand for gold is estimated to be 30% higher during the festive season and the subsequent wedding season. The World Gold Council believes that there is a possibility of 100 tonnes more gold being imported into India this year. That means a total of 850 tonnes of gold will come to the country this year. Last year this figure had reached only 750 tonnes.
Keep these 3 things in mind while buying gold
1. Buy only certified gold
Always buy certified gold bearing the hallmark of Bureau of Indian Standards (BIS). There is a 6 digit hallmark code on gold. This is called Hallmark Unique Identification Number i.e. HUID. This number is alphanumeric i.e. something like this – AZ4524. Through hallmarking it is possible to find out how many carats a gold is.
2. Cross check the price
Cross-check the correct weight of gold and its price on the day of purchase from multiple sources (like 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 the purest gold, but jewelery is not made from it because it is very soft.
3. Do not pay cash, take bill
While buying gold, it is better to make payment through UPI (like BHIM app) and digital banking instead of cash payment. If you want, you can also make payment through debit or credit card. After this don’t forget to take the bill. If ordering online then definitely check the packaging.
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