Gold prices surged to an all-time high on 23 September, marking a significant jump in the precious metal market. According to data from the India Bullion and Jewelers Association (IBJA), the price of 10 grams of 24-carat gold increased by Rs 440, reaching Rs 74,533 on Monday. This is a rise from its previous price of Rs 74,093 per 10 grams, continuing the upward momentum seen in recent months.
While gold continues to shine, silver saw a decline today. The price of silver dropped by Rs 508, bringing it down to Rs 88,409 per kilogram from its earlier rate of Rs 88,917. Despite this recent dip, silver reached its highest price for the year at Rs 94,280 per kilogram on 29 May.
The prices of gold vary slightly across different cities in India. Below are the rates for 10 grams of gold in 22-carat and 24-carat categories for some major metros and the city of Bhopal:
Delhi: 22-carat gold is priced at Rs 69,950, while 24-carat gold stands at Rs 76,300.
Mumbai: 22-carat gold is Rs 69,800, and 24-carat gold is Rs 76,150.
Kolkata: 22-carat gold is Rs 69,800, and 24-carat gold is Rs 76,150.
Chennai: 22-carat gold is Rs 69,800, and 24-carat gold is Rs 76,150.
Bhopal: 22-carat gold is priced at Rs 69,850, and 24-carat gold is Rs 76,150.
Experts predict that the surge in gold prices may continue throughout the year. Anuj Gupta, Commodity and Currency Head at HDFC Securities, believes that the price of gold could reach Rs 78,000 per 10 grams by the end of 2024. Silver, too, is expected to make gains and may touch Rs 1 lakh per kilogram.
The rising demand for precious metals, economic uncertainties, and global market trends are some of the factors contributing to the increasing prices of gold and silver in India. For investors and buyers, this means keeping a close watch on the market as we head toward the year-end.
