Winning Bizness Desk

Mumbai. Gold prices in India soared to an all-time high on Friday, October 4, 2024, reflecting the global trend of rising demand and economic uncertainty. According to the India Bullion and Jewelers Association (IBJA), the price of 10 grams of 24-carat gold surged by Rs 467 during the day, reaching a record Rs 76,082. However, by the close of trading, it slightly dipped by Rs 118, finishing at Rs 75,964 per 10 grams. This increase continues a significant upward trend in 2024. Just a day earlier, on October 3, gold was priced at Rs 75,615 per 10 grams, marking a daily gain of Rs 349. So far this year, gold prices have increased by Rs 12,612, as it stood at Rs 63,352 per 10 grams on January 1. With the ongoing rise in gold and silver prices, investors and consumers are advised to stay informed and cautious when making purchases.

Silver Prices Also on the Rise

In addition to gold, silver prices also witnessed a rise. Silver increased by Rs 1,615 during the day, reaching Rs 92,286 per kilogram, before closing at Rs 92,200—a rise of Rs 1,529 from the previous day’s price of Rs 90,671. Silver touched its peak this year on May 29, when it reached an all-time high of Rs 94,280 per kilogram.

Gold Prices in Key Cities

As of the latest update, the price of gold varied slightly across major cities and regions in India:

Delhi: 22-carat gold is priced at Rs 71,350 per 10 grams, while 24-carat gold costs Rs 77,820 per 10 grams.

Mumbai: 22-carat gold stands at Rs 71,200, and 24-carat gold is Rs 77,670 per 10 grams.

Kolkata: 22-carat gold is priced at Rs 71,200, and 24-carat gold at Rs 77,670.

Chennai: 22-carat gold is Rs 71,200, while 24-carat gold is Rs 77,670.

Steady Growth in Gold and Silver Prices in 2024

Gold prices have shown consistent growth in 2024, rising by Rs 12,612 since the start of the year. On January 1, the price was Rs 63,352 per 10 grams, and by October 4, it had risen to Rs 75,964. Similarly, silver prices have surged, increasing from Rs 73,395 per kilogram at the beginning of the year to Rs 92,200.

According to experts, the upward trend in gold and silver prices is likely to continue in the coming months. He anticipates that gold could reach Rs 80,000 per 10 grams by the end of the year, while silver may surpass Rs 1 lakh per kilogram.

Important Tips for Buying Gold

For those looking to invest in gold, there are a few important things to keep in mind:

1) Buy Certified Gold: Always purchase gold that has been certified by the Bureau of Indian Standards (BIS) and bears a Hallmark Unique Identification Number (HUID). This 6-digit alphanumeric code ensures the purity of the gold.

2) Cross-Check Prices: Verify the price and weight of gold across different sources, including the IBJA website. Prices vary based on purity, with 24-carat gold being the purest but not typically used in jewelry due to its softness.

3) Use Digital Payments and Take a Bill: It’s recommended to pay via digital methods such as UPI or credit/debit cards and always request an invoice. For online purchases, ensure the packaging is secure and check the gold upon delivery.