TNFNew Delhi/ TNF
On September 13, gold and silver prices saw a notable increase, sparking interest in the precious metals market. According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold jumped by Rs 1,243, reaching Rs 73,044 per 10 grams. Just a day earlier, it was priced at Rs 71,801 per 10 grams.
Silver also experienced a significant rise. The price for one kilogram of silver increased by Rs 2,912, climbing to Rs 86,100. On Thursday, the price was Rs 83,188 per kilogram.
This year, gold prices have already surged by over Rs 9,000. On January 1, gold was priced at Rs 63,352 per 10 grams, and it has now reached Rs 73,044 per 10 grams. Similarly, silver prices have risen from Rs 73,395 to Rs 86,100 per kilogram.
Looking at the past year, gold started 2023 at Rs 54,867 per gram and ended at Rs 63,246 per gram on December 31. This represents an increase of Rs 8,379, or 16%. Silver also saw a rise from Rs 68,092 to Rs 73,395 per kilogram.
Here’s how gold prices stand in major cities:
- Delhi: Rs 68,400 for 10 grams of 22-carat gold, Rs 74,600 for 10 grams of 24-carat gold.
- Mumbai: Rs 68,250 for 10 grams of 22-carat gold, Rs 74,450 for 10 grams of 24-carat gold.
- Kolkata: Rs 68,250 for 10 grams of 22-carat gold, Rs 74,450 for 10 grams of 24-carat gold.
- Chennai: Rs 68,250 for 10 grams of 22-carat gold, Rs 74,450 for 10 grams of 24-carat gold.
- Bhopal: Rs 68,300 for 10 grams of 22-carat gold, Rs 74,500 for 10 grams of 24-carat gold.
Looking ahead, Mahendra Lunia, Chairman of Vighnaharta Gold, predicts that gold prices could reach up to Rs 1.68 lakh per 10 grams by 2030. Factors contributing to this rise include geopolitical tensions and global economic slowdowns.
For those looking to buy gold, here are two important tips:
- Buy Certified Gold: Ensure that the gold you purchase is certified by the Bureau of Indian Standards (BIS). As of April 1, new regulations require a six-digit alphanumeric hallmark code, similar to an Aadhaar card number, for gold. This ensures the gold’s purity and authenticity.
- Cross-Check Prices: Verify the current price and weight of gold from multiple sources, such as the IBJA’s website. Gold prices vary based on purity, with 24-carat being the purest form but not commonly used for jewelry due to its softness. Typically, jewelry is made from 22-carat or lower gold.
To calculate the price based on purity, use this example: If 24-carat gold costs Rs 60,000 per 10 grams, the price per gram is Rs 6,000. For an 18-carat gold item, the cost would be Rs 4,500 per gram (18/24 of Rs 6,000).
Understanding these factors can help you make informed decisions when buying gold and silver.
