Gold and silver prices reached an all-time high on October 13, a day before Pushya Nakshatra. According to the India Bullion and Jewellers Association (IBJA), the price of 10 grams of 24-carat gold rose by Rs 2,244 to Rs 1,23,769. Earlier on Friday, it was at Rs 1,21,525.
Silver prices rose by Rs 8,625 to Rs 1,52,700 per kg. On Friday, it was at Rs 1,64,500. 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 more expensive by Rs 47,607 and silver by Rs 87,108.
So far this year, the price of gold has increased by Rs 47,607. On December 31, 2024, 10 grams of 24-carat gold was priced at Rs 76,162, which has now risen to Rs 1,23,769.
The price of silver has also increased by Rs 87,108 during this period. The price of one kilogram of silver was Rs 86,017 on December 31, 2024, which has now risen to Rs 1,52,700 per kilogram.
Will gold rise further?
According to a recent report by Goldman Sachs, the bank has set a target of $5,000 per ounce for gold by next year. At the current exchange rate, this would be approximately Rs1,55,000 per 10 grams in rupees. Sandeep Raichura, director of brokerage firm PL Capital, said that gold could reach Rs1,44,000 per 10 grams.
Is it the right time to invest in gold
According to experts, gold has already risen by about 60% this year, so there is little hope for further gains in the short term. People may book profits. However, investing in it for the long term could yield benefits.