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Gold and silver rose after falling for three consecutive weeks.
After a continuous decline in the prices of gold and silver for the last three weeks, there is a big rise in the fourth week. According to India Bullion and Jewelers Association (IBJA), on November 07, gold was at ₹ 1,20,100 per 10 grams, which increased by ₹ 4,694 to ₹ 1,24,794 by November 14. On October 17, gold had reached Rs 1,30,874 per 10 grams, this is its most expensive price.
This week there was a big rise in silver also. On the last trading day of last week (07 November), the price of 1 kg silver was Rs 1,48,275, which increased by Rs 11,092 to Rs 1,59,367 per kg by the last trading day of this week i.e. 14 November. Earlier on October 14, silver had reached Rs 1,78,100, which is its highest price.
This year gold became costlier by ₹ 48,632 and silver by ₹ 73,350
- So far this year, the price of gold has increased by Rs 48,632. On December 31, 2024, 10 grams of 24 carat gold was worth Rs 76,162, which has now become Rs 1,24,794.
- The price of silver has also increased by Rs 73,350 during this period. On December 31, 2024, the price of one kg silver was Rs 86,017, which has now become Rs 1,59,367 per kg.
See the price of gold in different cities of the country in the map…
4 reasons for different prices of gold in cities
- Transportation expenses: Gold is a physical thing, so it costs money to transport it. Most imports are made by air. Then the gold has to be transported to the interior areas. Transportation expenses include fuel, security, vehicle, staff money etc.
- Gold purchase quantity: The demand for gold varies according to the city and state. South India accounts for about 40% of India’s total gold consumption. Here sellers buy gold in bulk which reduces the prices. Whereas prices are higher in tier-2 cities.
- Local Jewelery Association: For example, the gold rate in Tamil Nadu is decided by the Jewelers and Diamond Traders Association. Similarly, there are many other associations across the country which decide the prices.
- Purchase Price of Gold: This is the biggest factor that affects gold rates in different cities. Jewelers who have bought the stock cheaply can charge lower rates.
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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