Gold Price All Time High: The price of gold has crossed Rs 77,000 per 10 grams for the first time. According to the data of India Bullion and Jewelers Association (IBJA), today (Friday, October 18) gold has become costlier by Rs 522 and is at the level of Rs 77,332.
At the same time, silver is selling at Rs 91935 per kg with a gain of Rs 335. A day before this, silver was at Rs 91,600. The all-time high of silver is Rs 94,280 per kg which it made on 29 May 2024.
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Festive season increased the demand for gold
Gold is seen as the safest investment in the turmoil of the world.
Apart from rising geopolitical tensions, the festive season has increased the demand for gold.
Festivals like Diwali and Dhanteras are considered auspicious to buy gold.
After the festive season, the wedding season is about to come, hence the rise in the price of gold.
Gold price in 4 metro cities
- Delhi:Â The price of 10 grams of 22 carat gold is Rs 72,550 and the price of 10 grams of 24 carat gold is Rs 79,130.
- Mumbai:Â 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:Â 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.
- Chennai:Â 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.
Note: The data of India Bullion and Jewelers Association (IBJA) shows the average prices of gold and silver in the country. Whereas, the prices of metros or other cities are taken from jewelers.
Gold is a safe investment in times of uncertainty
Jatin Trivedi, VP & Research Analyst – Commodity & Currency, LKP Securities, said the rise in gold is due to the increasing uncertainty in returns of risky assets, making gold an attractive investment for investors.
Trivedi said, the ongoing geopolitical tensions in West Asia as well as expectations of further interest rate cuts are supporting the rise in gold prices. He said – Gold has strong support near ₹ 76,300 – ₹ 76,500 on MCX.
Keep these 3 things in mind while buying gold
1. Buy certified gold : Always buy certified gold bearing the hallmark of Bureau of Indian Standards (BIS). There is a 6-digit hallmark code on gold. This is called Hallmark Unique Identification Number or HUID. This number is alphanumeric i.e. something like this- AZ4524. Through hallmarking, it is possible to find out how many carats a gold has.
2. Cross check the price: Cross check the correct weight of the gold and its price on the day of purchase from multiple sources (such as the website of India Bullion and Jewelers Association). The price of gold varies according to 24 carat, 22 carat and 18 carat. 24 carat gold is considered the purest gold, but jewellery is not made from it because it is very soft.
3. Don’t pay in cash, take the bill: While buying gold, it is better to pay through UPI (like Bhim App) and digital banking instead of cash payment. If you want, you can also pay through debit or credit card. After this, do not forget to take the bill. If you have ordered online, then definitely check the packaging.
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