New Delhi: Gold and silver prices reached new all-time highs today, September 22nd. According to the India Bullion and Jewelers Association (IBJA), 10 grams of 24-carat gold rose by ₹1,392 to ₹1,11,167. Previously, it was at ₹1,09,775. Silver also rose by ₹4,170 to ₹1,32,170 per kilogram. Previously, it was at ₹1,28,000.
Gold became costlier by ₹35,005 and silver by ₹46,153 this year.
♦So far this year, the price of gold has increased by ₹33,613. On December 31, 2024, 10 grams of 24-carat gold was priced at ₹76,162, which has now risen to ₹1,11,167.
♦The price of silver has also increased by ₹41,983 during this period. The price of one kilogram of silver was ₹86,017 on December 31, 2024, and now it has risen to ₹1,32,170 per kilogram.
5 reasons for the rise in gold prices
♦Global uncertainty: Investors are buying gold as a safe haven due to Trump’s tariff plan and fear of trade war.
♦Central bank purchases: Countries like China and Russia are buying gold in large quantities, which has increased the demand.
♦War and tension: The instability caused by the Russia-Ukraine war is driving people to invest in gold.
♦Inflation and low interest rates: Fears 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.
Gold may reach ₹1 lakh 15 thousand this year
According to experts, geopolitical tensions are escalating due to US tariffs. This is supporting gold and increasing its demand. Consequently, gold prices could reach ₹115,000 per 10 grams this year. Silver prices could reach ₹140,000 this year.
Keep these 2 things in mind while buying gold
1. Buy only certified gold: Always buy certified gold hallmarked by the Bureau of Indian Standards (BIS). Under the new rules, gold without the six-digit alphanumeric hallmark will not be sold.
Just as Aadhaar cards have a 12-digit code, gold will have a 6-digit hallmark code. This is called the Hallmark Unique Identification Number (HUID).
This number may be alphanumeric, such as AZ4524. Hallmarking makes it possible to determine the carat weight of a particular piece of gold.
2. Cross-check the price: Cross-check the exact weight of the gold and its price on the day of purchase with multiple sources (such as the India Bullion and Jewellers Association website). Gold prices vary depending on 24 carat, 22 carat, and 18 carat.
24-carat gold is considered the purest gold, but it’s not used for jewelry because it’s too soft. 22-carat gold is typically used for jewelry.