Gold and silver hit new records: Both gold and silver are surprising investors and buyers during the festive season. On September 29th, the seventh day of Navratri, gold set a new record and crossed the ₹1,14,000 mark. According to the India Bullion and Jewelers Association (IBJA), the price of gold across the country was recorded at ₹1,14,940 per 10 grams, compared to ₹1,13,170 on Friday. This means that gold has become more expensive by thousands of rupees in just a few days.
Gold Price Journey
On September 15th, gold crossed ₹1,10,000 for the first time.
On September 23rd, it reached ₹1,14,360.
Now, on September 29th, it reached a new record high of ₹1,14,940.
This means that gold has consistently touched new highs in the month of September alone.
Gold prices in major cities (September 29th)
Delhi: ₹1,14,540 per 10 grams
Mumbai: ₹1,14,730 per 10 grams
Bengaluru: ₹1,14,820 per 10 grams
Kolkata: ₹1,14,580 per 10 grams
Chennai: ₹1,15,070 per 10 grams (highest)
Meanwhile, December gold futures on the Multi-Commodity Exchange (MCX) are trading at ₹1,14,909 and have risen 3.7% in a week to reach ₹1,15,139.
Silver is also in good shape
Like gold, silver is also rising. According to IBJA, silver has reached ₹1,42,190 per kg, up from ₹1,36,720 on Friday. October futures on MCX reached ₹1,42,147. Silver has gained nearly 9% in a week and has seen a 60% increase so far this year.
What to keep in mind when buying jewelry
IBJA prices are only basic rates. When buying from a jewelry shop, 3% GST and making charges are added, making gold more expensive in showrooms.
To determine the purity of gold, it is important to check the hallmark.
24 Carat – 999
23 Carat – 958
22 Carat – 916
21 Carat – 875
18 Carat – 750
These marks are inscribed on the hallmark and are the easiest way to identify genuine gold.
Why are gold and silver prices rising?
According to experts, there are several major reasons behind the rise in gold and silver prices:
Increasing festive demand during festive seasons like Navratri and Diwali.
The weakness of the US dollar and expectations of an interest rate cut by the Federal Reserve.
Increasing gold reserves by many central banks around the world.
According to the IMF, the dollar’s global reserve share has fallen from 71% in 1999 to 58% now, while gold’s share has increased to 24%.
What will be the future trend for gold and silver?
Commodity experts believe that the trend for gold and silver remains positive.
According to JM Financial and AlphaaMoney, both gold and silver may become more expensive in the coming weeks.
However, there may be a slight decline due to profit booking.
Ventura and other brokerage houses estimate that gold may reach $4,000 per ounce in the global market.
Silver is also likely to reach ₹1,50,000 to ₹1,70,000 per kg.