Gold, silver reach all time high ahead of festive season
Gold and silver prices reached an all-time high on October 13. According to the India Bullion and Jewellers Association (IBJA), the price of silver rose by ₹10,825 to ₹1,75,325 per kg. It was at ₹1,64,500 on Friday.
The price of 10 grams of 24-carat gold rose by ₹2,630 to ₹1,24,155. It was at ₹1,21,525 on Friday. According to experts, the price of silver is steadily rising due to the festive season, industrial demand, and low global supply and increased demand.
This year, gold has become costlier by ₹47,993 and silver by ₹89,308
So far this year, the price of gold has increased by ₹47,993. On December 31, 2024, 10 grams of 24-carat gold was priced at ₹76,162, which has now risen to ₹1,24,155.
The price of silver has also increased by ₹89,308 during this period. The price of one kilogram of silver was ₹86,017 on December 31, 2024, which has now risen to ₹1,75,325 per kilogram.
Major reasons driving the rise in gold prices
- Festive season demand: Buying gold on Diwali and Dhanteras is considered auspicious. This has led to strong buying interest, even though quantities are low due to high prices.
- Geopolitical tensions: Investors are buying gold due to turmoil in the Middle East and concerns about trade wars. There is uncertainty about US policies.
- Central bank purchases: Major banks around the world want to reduce their dependence on the dollar. Therefore, they are continuously increasing the share of gold in their treasuries.
