Gold and Silver Prices Surge This Week: Gold Hits an All-Time High of ₹86,843
Gold and silver prices saw a significant rise this week. According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold per 10 grams increased by ₹784 from the closing price on March 7, reaching ₹86,843 on March 13. On Thursday (March 13), gold hit an all-time high. Since January 1, gold prices have surged by ₹10,681 in just 72 days.
Similarly, silver prices also increased by ₹1,598 per kg, reaching ₹98,322 from ₹96,724 per kg in the same period. The highest recorded silver price was ₹99,151 per kg on October 23, 2024.
Gold Prices by Carat
| Carat | Price (₹/10 grams) |
|---|---|
| 24K | 86,843 |
| 22K | 79,548 |
| 18K | 65,132 |
Gold Prices in Major Metro Cities
- Delhi: ₹81,350 (22K), ₹88,730 (24K)
- Mumbai: ₹81,200 (22K), ₹88,580 (24K)
- Kolkata: ₹81,200 (22K), ₹88,580 (24K)
- Chennai: ₹81,200 (22K), ₹88,580 (24K)
Reasons Behind the Surge in Gold Prices
- Geopolitical Tensions: Increased uncertainty due to Donald Trump’s U.S. presidency has contributed to the rise in gold prices.
- Weak Rupee Against the Dollar: The depreciation of the Indian Rupee has made gold more expensive.
- Stock Market Decline: Investors are shifting towards gold as a safe-haven asset due to market instability.
Gold Prices May Reach ₹90,000 Per 10 Grams in 2024
According to Ajay Kedia, Director of Kedia Advisory, gold prices could rise further due to global factors, including interest rate cuts by the UK and increasing geopolitical risks. Additionally, rising investments in Gold ETFs have also contributed to the price surge. Experts predict that gold could reach ₹90,000 per 10 grams in 2024.
Important Tips for Buying Gold
- Buy Hallmarked Gold: Ensure that the gold you buy is BIS-certified with a six-digit hallmark code, known as the Hallmark Unique Identification Number (HUID).
- Cross-Check Prices: Verify the current gold rates on trusted platforms like IBJA before making a purchase.
- Avoid Cash Payments & Take a Bill: Prefer digital payments and always ask for a bill when buying gold. If ordering online, carefully inspect the packaging.
