Gold price has crossed Rs 77,000 per 10 grams for the first time. According to India Bullion and Jewelers Association (IBJA) data, today (18 October Friday) gold was Rs. 522 to Rs. 77,332 has been reached.
At the same time, silver was selling at Rs 91,935 per kg, up by Rs 335. A day before this, silver was Rs 91,600. Silver's all-time high is Rs 94,280 per kg which it hit on 29 May 2024.
Gold price in 4 metros and Bhopal
- Delhi: 10 grams of 22 carat gold costs Rs 72,550 and 10 grams of 24 carat gold costs Rs 79,130.
- Mumbai: The price of 10 grams of 22 carat gold is Rs 72,400 and the price of 10 grams of 24 carat gold is Rs 78,980.
- Kolkata: 10 grams of 22 carat gold costs Rs 72,400 and 10 grams of 24 carat gold costs Rs 78,980.
- Chennai: The price of 10 grams of 22 carat gold is Rs 72,400 and the price of 10 grams of 24 carat gold is Rs 78,980.
- Bhopal: The price of 10 grams of 22 carat gold is Rs 72,450 and the price of 10 grams of 24 carat gold is Rs 79,030.
Note: Data from the India Bullion and Jewelers Association (IBJA) gives the average prices of gold and silver in the country. While the prices of metros or other cities are taken from jewellers.
Gold prices rise due to geopolitical tensions
Jatin Trivedi, VP and Research Analyst – Commodity & Currencies, LKP Securities, said the rise in gold is driven by uncertainty in the return of risk assets, which has made gold an attractive investment for investors.
Trivedi said ongoing geopolitical tensions in West Asia as well as expectations of a further cut in interest rates are supporting the rise in gold prices. He said- Gold has strong support around ₹76,300-₹76,500 on MCX.
Keep these 3 things in mind while buying gold
1. Buy only certified gold Always buy certified gold bearing the hallmark of the Bureau of Indian Standards (BIS). Gold has a 6 digit hallmark code. It is called Hallmark Unique Identification Number or HUID. This number is alphanumeric ie something like – AZ4524. How many karats the gold is can be known by hallmarking.
2. Check the cross price Cross-check the correct weight of the gold and its price on the day of purchase from multiple sources (such as the India Bullion and Jewelers Association website). The price of gold varies according to 24 carat, 22 carat and 18 carat. 24 karat gold is considered to be the purest gold, but it is not used in jewelry because it is too soft.
3. Don't pay cash, take bills While buying gold, it is better to pay through UPI (like BHIM app) and digital banking instead of cash payment. You can also pay by debit or credit card if you wish. Don't forget to take the bill after this. Be sure to check the packaging if you ordered online.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
