New Delhi: The price of gold and silver has reached an all-time high today i.e. on 8 September. According to the India Bullion and Jewellers Association (IBJA), today gold rose by Rs 1,699 to Rs 1,08,037 per 10 grams. Earlier, gold was at Rs 1,06,338. Silver has risen by Rs 1,243 to Rs 1,24,413 per kg. Earlier its price was Rs 1,23,170.
Price of 10 grams of gold in 4 metros, including Bhopal
•Delhi: Price of 24 carat gold is ₹1,08,530 and price of 22 carat gold is ₹99,500
•Mumbai: Price of 24 carat gold is ₹1,08,380 and price of 22 carat gold is ₹99,350
•Kolkata: Price of 24 carat gold is ₹1,08,380 and price of 22 carat gold is ₹98,660
•Chennai: Price of 24 carat gold is ₹1,08,770 and price of 22 carat gold is ₹99,700
•Bhopal: Price of 24 carat gold is ₹1,08,410 and price of 22 carat gold is ₹99,400
This year gold became costlier by Rs 32,000 and silver by Rs 38,000
- So far this year, the price of gold has increased by Rs 31,875 (40%). On December 31, 2024, 10 grams of 24 carat gold was Rs 76,162, which has now become Rs 1,08,037.
- The price of silver has also increased by Rs 38,396 (43%) during this period. The price of one kg of silver was Rs 86,017 on 31 December 2024, which has now become Rs 1,24,413 per kg.
5 reasons for the rise in gold prices
•Global uncertainty: Due to Trump’s tariff plan and fear of trade war, investors are buying gold as a safe asset.
•Central bank purchases: Countries like China and Russia are buying large amounts of gold, boosting demand.
•War and tension: The instability caused by the Russia-Ukraine war not ending is driving people to invest in gold.
•Inflation and low interest rates: Fear of inflation and low interest rates from the Federal Reserve have made gold attractive.
•Fall in rupee against dollar: Gold is also becoming expensive due to the fall in rupee against dollar.
This year gold can go up to Rs 1 lakh 10 thousand
Ajay Kedia, director of Kedia Advisory, says that geopolitical tension remains due to US tariffs. This is supporting gold and its demand is also increasing. In such a situation, gold can go up to Rs 1 lakh 10 thousand per 10 grams this year. On the other hand, silver can go up to Rs 1 lakh 35 thousand this year.
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, from April 1, gold will not be sold without six-digit alphanumeric hallmarking. Just like there is a 12-digit code on the Aadhaar card, similarly there will be a 6-digit hallmark code on gold. 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 a particular gold has.
2. Cross check the price: Cross check the exact weight of the 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 the purest gold, but jewellery is not made from it because it is very soft. Usually 22 carat or less carat gold is used for jewellery.