Winning Bizness Desk
Gold prices in India surged to a record high on February 11, reaching ₹85,903 per 10 grams. According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold increased by ₹238 compared to the previous day when it was at ₹85,665 per 10 grams, marking a new all-time high.
Meanwhile, silver prices saw a sharp decline, dropping by ₹1,123 per kg to ₹94,410 per kg. A day earlier, on February 10, silver was priced at ₹95,533 per kg. Silver had previously touched its all-time high of ₹99,151 per kg on October 23, 2024.
Gold Up by ₹9,741 Since January 1
Since the beginning of 2024, gold prices have witnessed a significant surge. On January 1, 10 grams of 24-carat gold was priced at ₹76,162, and it has now risen by ₹9,741 to ₹85,903. Similarly, silver prices have increased significantly. On January 1, silver was priced at ₹86,017 per kg, and by February 10, it had risen by ₹9,516 to ₹95,533 per kg.
Gold Prices Across Major Cities
As of February 11, gold prices in different metro cities are as follows:
1. Delhi: 22-carat gold at ₹80,750 per 10 grams, 24-carat gold at ₹88,080 per 10 grams.
2. Mumbai: 22-carat gold at ₹80,600 per 10 grams, 24-carat gold at ₹87,930 per 10 grams.
3. Kolkata: 22-carat gold at ₹80,600 per 10 grams, 24-carat gold at ₹87,930 per 10 grams.
4. Chennai: 22-carat gold at ₹80,600 per 10 grams, 24-carat gold at ₹87,930 per 10 grams.
Gold and Silver Gave High Returns in 2024
In 2024, gold gave a 20.22% return, while silver recorded a 17.19% increase. On January 1, 2024, gold was priced at ₹63,352 per 10 grams and rose to ₹76,162 per 10 grams by December 31, 2024. During the same period, silver prices climbed from ₹73,395 per kg to ₹86,017 per kg, making both metals highly profitable investments over the year.
Gold May Reach ₹90,000 This Year
Experts believe that gold prices may rise further in 2024. Ajay Kedia, Director of Kedia Advisory, stated that after a brief correction, global economic conditions and geopolitical tensions are supporting gold prices. Interest rate cuts in the US and UK, along with increasing investment in Gold ETFs, are driving gold demand. As a result, gold could reach ₹90,000 per 10 grams by the end of the year.
Buy Only Certified Gold
Experts recommend buying only Bureau of Indian Standards (BIS) certified gold. Certified gold carries a 6-digit Hallmark Unique Identification Number (HUID), which helps verify its purity and authenticity. Buyers should ensure they check for this hallmark when purchasing gold to avoid fraud.
