Gold Prices Plummet While Silver Soars to Record High in India
The price of gold in India has taken a hit, decreasing by ₹610 to reach ₹1.61 lakh per 10 grams of 24-carat gold according to the India Bullion and Jewellers Association (IBJA). Meanwhile, silver prices have surged to a record high, increasing by ₹2,299 to ₹2.44 lakh per kilogram.
The price of gold has become ₹28 thousand more expensive this year, with an all-time high of ₹1.76 lakh reached earlier in January. On the other hand, silver hit an all-time high of ₹3.86 lakh on the same day but has since decreased to its current price.
According to Anindya Banerjee, Senior VP and Head of Commodity Research at Kotak Securities, gold is supported by retail investors as well as central banks like the RBI, which are continuously buying gold. He predicts that gold will continue to see an upward trend even in difficult conditions ahead and may reach ₹1.70 lakh per 10 grams by December.
When buying gold from jewelers, buyers should keep three things in mind: purchasing certified gold with a Bureau of Indian Standards (BIS) hallmark, cross-checking the accurate weight and price, and negotiating making charges.