Increase in the price of gold and silver
Friday saw a sharp increase in the price of gold and silver as the precious metals gained traction in local markets. The India Bullion and Jewellers Association (IBJA) reports that the price of 10 grams of 24-carat gold increased from ₹95 to ₹99,242. Gold hit an all-time high of ₹1,01,406 on August 8 and was trading at ₹98,147 on Thursday.
Silver also experienced a significant increase, going from ₹1,241 to ₹1,13,931 per kilogram. Silver reached a record high of ₹1,15,850 on July 23.
Friday saw a sharp increase in the price of gold and silver as the precious metals gained traction in local markets. The India Bullion and Jewellers Association (IBJA) reports that the price of 10 grams of 24-carat gold increased from ₹95 to ₹99,242. Gold was worth ₹98,147 on Thursday, but it had reached an all-time high on August 8.According to MOFSL, periods of increased market volatility during the past several years brought on by inflation, changes in the global economy, and geopolitical unrest will also cause the price of gold to rise. Since 2019, we have had the good fortune to participate in the gold uptrend.
The peak was ₹1,01,406.
Silver also experienced a significant increase, going from ₹1,241 to ₹1,13,931 per kilogram. Silver reached a record high of ₹1,15,850 on July 23.
“The market needs new and substantial catalysts to push gold prices above their present all-time highs, even though regular price volatility will persist. According to Modi, there will probably be a period of price consolidation until any clearer or longer-term catalysts appear.
Advice for Purchasers
Make sure that the gold you purchase has the Bureau of Indian Standards (BIS) hallmark. Only gold bearing a six-digit Hallmark Unique Identification Number (HUID) may be sold as of April 1. Purity is confirmed by this alphanumeric code (AZ4524, for example).
Verify Prices: Verify the weight and rate for the day using a variety of sources, including the IBJA website. 22-carat or less gold is more frequently used for jewelry, even though 24-carat gold is the finest.
Prospects: This year, gold could reach ₹1.04 lakh.
Market experts think that gold prices could soar further. Ajay Kedia, Director of Kedia Advisory, stated, “Geopolitical concerns and US tariffs are bolstering gold demand. This year, prices might hit ₹1.04 lakh for 10 grams, and ₹1.30 lakh for a kilogram of silver.
