This week, gold drops by ₹919: this year.
The price of silver rose this week, but the price of gold fell. The price of 10 grams of 24-carat gold dropped by ₹919 to ₹1,00,023 following this week’s trading, according to the India Bullion and Jewelers Association (IBJA). It was at ₹1,00,942 per 10 gm on Friday, August 8, the last day of the previous week.
Over the course of the week, the price of silver rose by ₹201, reaching ₹1,14,933 per kilogram. One kilogram of silver was worth ₹1,14,732 on August 8. Gold hit a record high of ₹1,01,406 on August 8 while silver hit ₹1,15,850 on July 23.
Precious Metals Rally The price of gold on the Multi Commodity Exchange (MCX) has risen by an astounding 53.08%, from ₹65,580.00 per 10 kilos to ₹1,00,389.00. Likewise, silver has experienced a remarkable 61.59% increase, rising from ₹70,142.00 to ₹1,13,342.00 per kg. The low performance of Indian market indexes over the same time period contrasts sharply with these increases.
The Stock Markets Are Slow
Precious metal prices surged, but the Indian stock market grew more slowly. The Nifty rose 2.00% to 24,631.00 points, while the Sensex climbed 2.00% to 80,597.00 points. This discrepancy demonstrates how investor opinion is moving in times of global instability in favor of safe-haven assets.
Silver jumps 34% YTD, while yellow metal is up 31% YTD.
Since January 1st of this year, the price of 10 grams of 24-carat gold has gone up from ₹76,162 to ₹1,00,023, an increase of ₹23,861. In contrast, the price of silver has gone up by ₹28,916 to ₹114,933 per kilogram. The price of gold increased by ₹12,810 last year, in 2024.
Purchase only certified gold.
Always purchase gold that has been certified by the Bureau of Indian Standards (BIS). The hallmark code for gold is six digits. This is known as the HUID, or Hallmark Unique Identification Number. This is an alphanumeric number, such as AZ4524. The number of carats in the gold can be ascertained through hallmarking.
