According to the India Bullion and Jewelers Association (IBJA), the price of 10 grams of 24-carat gold has increased by Rs.1,309 to reach Rs.1,19,352 . Just a day prior, the price stood at Rs.1,18,043.
Meanwhile, silver experienced an even steeper climb. The price of silver rose by Rs.3,832 per kilogram , settling at Rs.1,45,728 from Tuesday's closing of Rs.1,41,896.
This surge comes after both metals hit all-time highs earlier in October, with gold touching Rs.1,30,874 and silver reaching Rs.1,71,275 on October 17, before witnessing a corrective dip.
A Staggering Annual Gain
The data reveals a massive upswing in the value of precious metals throughout the year. Since December 31, 2024, gold has become more expensive by a whopping Rs.43,190 per 10 grams . Similarly, silver has seen an increase of Rs.59,711 per kilogram during the same period.
It is important to note that the IBJA prices are benchmark rates and do not include the 3% GST, making charges, or the jeweler's margin. Therefore, the actual retail price for consumers in cities will be higher. These benchmark rates are crucial as they are used by the RBI for pricing Sovereign Gold Bonds and by many banks to determine gold loan rates.
Tips for Buyers
As prices fluctuate, experts advise buyers to:
1. Always Buy Certified Gold: Opt for gold with a BIS (Bureau of Indian Standards) hallmark, which guarantees the purity and caratage of the metal.
2. Cross-Check the Price: Verify the day's correct price and weight from multiple sources, like the IBJA website, and understand the price variation between 24-carat, 22-carat, and 18-carat gold before making a purchase.
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