The price of 10 grams of 24 carat gold has increased by Rs 3,330 to over Rs 1 lakh on Tuesday. Earlier, the price of 10 grams of gold was Rs 96,670.
According to the India Bullion and Jewelers Association (IBJA), the price of one kg of silver has fallen by Rs 342 on Tuesday to Rs 95,900 per kg. Earlier, the price of silver was Rs 96,242 per kg. On March 28, silver had made an all-time high of Rs 1,00,934.
Why gold price is rising rapidly
The threat of trade war has increased due to America's tariff policy. This may slow down the pace of growth of the economy. The fear of global recession has also increased. In such a situation, people are increasing their investment in gold. Gold is considered a safe investment during recession.
Gold prices have increased due to the weakening of the rupee against the dollar. This is because when the rupee weakens, it costs more money to import it. This year the rupee has fallen by about 4%, which has increased the pressure on gold prices.
The wedding season has started, so the demand for gold jewelry is increasing. Jewelers in cities like Mumbai, Delhi and Chennai said that despite high prices, sales are booming, as people see gold as a symbol of investment and prosperity.
Gold price in 4 metros and Bhopal
Delhi: The price of 10 grams of 22 carat gold is Rs 93,050 and the price of 10 grams of 24 carat gold is Rs 1,01,500.
Mumbai: The price of 10 grams of 22 carat gold is Rs 92,900 and the price of 10 grams of 24 carat gold is Rs 1,01,350.
Kolkata: The price of 10 grams of 22 carat gold is Rs 92,900 and the price of 10 grams of 24 carat gold is Rs 1,01,350.
Chennai: The price of 10 grams of 22 carat gold is Rs 92,900 and the price of 10 grams of 24 carat gold is Rs 1,01,350.
Bhopal: The price of 10 grams of 22 carat gold is Rs 90,200 and the price of 10 grams of 24 carat gold is Rs 98,400.
Gold has become costlier by Rs 23,838 this year so far
This year, i.e. from January 1 till now, the price of 10 grams of 24 carat gold has increased by Rs 23,838 from Rs 76,162 and reached Rs 1 lakh. At the same time, the price of silver has also increased by Rs 9,883 from Rs 86,017 per kg to Rs 95,900. At the same time, last year i.e. in 2024, gold became costlier by Rs 12,810.
Gold can go up to RS 1.10 lakh by the end of the year
Due to the growing trade war between the US and China and fears of recession, gold can reach $ 3,700 an ounce this year. If calculated according to the international rate, the price of 10 grams of gold in India can go up to Rs 1.10 lakh. Foreign investment bank Goldman Sachs has released this estimate.
When the country became independent in 1947, gold was at Rs 88.62 per 10 grams, which is now at 1 lakh. That is, from then till now gold has become expensive 1104 times (110484%). In 1947, the price of silver was around Rs 107 per kg and now it is at Rs 95,900.
Prakash Kumar Pandey