Winning Bizness Desk
Mumbai. Gold prices reached an all-time high on April 16. According to the India Bullion and Jewellers Association (IBJA), the price of 10 grams of 24-carat gold increased by ₹1,387 to touch ₹94,489. Earlier, the price of 10 grams of gold was ₹93,102.
The price of one kilogram of silver also rose by ₹373, reaching ₹95,403 per kg, compared to the previous price of ₹95,030. On March 28, silver had touched ₹1,00,934, and on April 11, gold had reached ₹93,353.
Three Reasons Behind the Surge in Gold Prices
Due to the U.S. tariff policy, the threat of a trade war has intensified, which may slow down economic growth. Fears of a global recession have also risen. As a result, investors are turning to gold, which is considered a safe investment during uncertain economic times.
The weakening of the Indian rupee against the U.S. dollar has also pushed up gold prices. A weaker rupee increases import costs, and since gold is imported, it becomes more expensive. The rupee has declined by around 4% this year, adding pressure on gold prices.
With the wedding season approaching, the demand for gold jewellery has surged. Jewellers in cities like Mumbai, Delhi, and Chennai report strong sales despite the high prices, as people still view gold as both an investment and a symbol of prosperity.
Gold Prices in 4 Metros and Bhopal
- Delhi: ₹88,300 for 10 grams of 22-carat gold and ₹96,320 for 10 grams of 24-carat gold
- Mumbai: ₹88,150 for 10 grams of 22-carat gold and ₹95,180 for 10 grams of 24-carat gold
- olkata: ₹88,150 for 10 grams of 22-carat gold and ₹96,170 for 10 grams of 24-carat gold
- Chennai: ₹88,150 for 10 grams of 22-carat gold and ₹96,170 for 10 grams of 24-carat gold
Gold Up by ₹18,327 So Far This Year
Since the beginning of this year (January 1), the price of 10 grams of 24-carat gold has surged from ₹76,162 to ₹94,489 — an increase of ₹18,327. Silver has also risen by ₹9,386, from ₹86,017 to ₹95,403 per kg. In comparison, gold prices increased by ₹12,810 throughout 2024.
Gold May Reach ₹1.10 Lakh by Year-End
Amid rising tensions between the U.S. and China and fears of a global slowdown, gold prices could climb to $3,700 per ounce globally. Based on international rates, this could push the price of 10 grams of gold in India to ₹1.10 lakh. Global investment bank Goldman Sachs has made this projection.
Buy Only Certified Gold
Always buy certified gold with the Bureau of Indian Standards (BIS) hallmark. Each gold item carries a 6-digit hallmark code, called the Hallmark Unique Identification Number (HUID). This alphanumeric code looks like this — AZ4524. Hallmarking ensures the purity and authenticity of gold.
