Winning Bizness Desk

Mumbai. Gold has reached its all time high on Monday. According to the website of the India Bullion and Jewelers Association (IBJA), on January 9, gold became costlier by Rs 749 to reach Rs 56 thousand 336 in the bullion market. Earlier in August 2020, gold became the costliest. Then the price of 10 grams was 56 thousand 200 rupees. According to experts, gold prices may increase further this year. Amid economic uncertainty, central banks around the world like RBI have increased gold reserves. According to gold market watchers, increasing gold purchases by central banks is a positive sign and this will support gold prices further. An expert Ajay Kedia has estimated that in 2023, gold can reach up to Rs 64,000.

Silver also upbeat

If we talk about silver, there has been a significant increase in its price. In the bullion market, it became expensive by Rs 1,186 to Rs 69,074 per kg on January 10, while on January 6, it was at 67,888 thousand. Last year saw a spectacular rise in the prices of gold and silver. This year, gold rose from Rs 48,279 to Rs 54,867 per 10 grams. That is, in 2022, an increase of Rs 6,588 was seen in the price of gold. Whereas in 2022, silver increased from Rs 62,035 to Rs 68,092 per kg. That is, this year its price increased by Rs 6,057.

In 1947, Gold was at Rs 88.62 per tola

Gold and silver have become increasingly expensive in the last 75 years. In 1947, when the country became independent, gold was at Rs 88.62 per 10 grams or tola, which has now crossed Rs 56,000. That is, since then till now gold has become costlier by 631 times or say 63198% higher. Talking about silver, it has become costlier 644 times since independence. In 1947, the price of silver was around Rs 107 per kg and now it is at Rs 69,074. Always buy certified gold that is hallmarked by the Bureau of Indian Standards (BIS). Also check the purity code, testing center mark, jeweler's mark and date of marking.