This week saw an increase in gold and silver prices. According to India Bullion and Jewelers Association (IBJA) website, gold was at Rs 75,640 last Saturday i.e. September 28, which has now touched Rs 75,964 per 10 grams as on (October 5). That is, its price has increased by 324 rupees this week.
When it comes to silver, last Saturday it was Rs. 91,448, which is now Rs. 92,200 per kg has been reached. Its price has increased by Rs 752 this week. Silver per share on May 29 this year was Rs. An all-time high of 94,280 was reached.
4 Gold Price in Metro and Bhopal
- Delhi: The price of 10 grams of 22 carat gold is Rs 71,350 and the price of 10 grams of 24 carat gold is Rs 77,820.
- Mumbai: The price of 10 grams of 22 carat gold is Rs 71,200 and the price of 10 grams of 24 carat gold is Rs 77,670.
- Kolkata: 10 grams of 22 carat gold costs Rs 71,200 and 10 grams of 24 carat gold costs Rs 77,670.
- Chennai: The price of 10 grams of 22 carat gold is Rs 71,200 and the price of 10 grams of 24 carat gold is Rs 77,670.
- Bhopal: 10 grams of 22 carat gold costs Rs 71,000 and 10 grams of 24 carat gold costs Rs 77,450.
Gold can reach 78 thousand rupees by the end of the year According to Anuj Gupta, Head of Commodities and Currencies, HDFC Securities, gold and silver may see an increase in the coming days. This year, gold can go up to 78 thousand rupees per 10 grams. While silver can also reach 1 lakh rupees per kg.
3 main reasons for rising gold prices
- Israel-Hezbollah Conflict: The war that broke out in the Middle East dented investor confidence in the stock market. They are turning to gold as a safe investment option. This is the biggest reason for the rise in gold.
- US Fed: The US Federal Reserve unexpectedly cut interest rates by 0.5%. This weakened the dollar. This strengthened gold. The Fed has made up its mind to cut interest rates further. This will further weaken the dollar. Investors are increasingly investing in gold.
- Festival Demand: Gold demand in the country is estimated to be 30% higher during this festive season and the wedding season thereafter. The World Gold Council estimates that India is likely to import another 100 tonnes of gold this year. That means a total of 850 tons of gold will come to the country this year. Last year this figure reached only 750 tonnes.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
