For the first time, this week witnessed an all-time record surge in gold and silver prices. As per the IBJA data, 24-carat gold witnessed an increase of ₹2,613 and stands at an all-time high at ₹84,699 per 10 grams, whereas the rise of silver prices also went skyrocketed as it recorded a price rise of ₹1,858, per kilogram. Its new record is standing at ₹95,391 per kilogram. This article provides an in-depth analysis of the present gold and silver prices, the market trends of the year 2024, and expert advice on how to buy gold.
Gold and Silver Prices in the Current Week:
During the business week of Monday to Friday, January 3-7, 2024, the prices of gold and silver have significantly increased. On the last trading day of January (31st January), the price of 10 grams of 24-carat gold was ₹82,086, which has now risen by ₹2,613 to ₹84,699.
Similarly, the price of one kilogram of silver has risen by ₹1,858, from ₹93,533 per kilogram to ₹95,391 per kilogram. On February 7, 2024, gold reached its highest-ever price at ₹84,699 per 10 grams, while silver’s peak was recorded on October 23, 2024, at ₹99,151 per kilogram.
Price Comparison: Gold and Silver Price Growth in 2024
- Gold Price: On January 1, 2024, the 10 grams of 24-carat gold price was ₹76,583. From then to now, it has increased by ₹8,116 and on February 7, 2024, stands at ₹84,699 for 10 grams.
- Silver Price: On January 1, 2024, the silver per kilogram was ₹86,055. As of now, it has increased by ₹9,336 and currently stands at ₹95,391 per kilogram.
Price Trends in Major Cities:
The prices of gold are relatively uniform across all cities in India, but there may be slight differences. Below is the price for 10 grams of 22-carat and 24-carat gold in some of India’s major cities:
| City | 22-Carat Gold (10g) | 24-Carat Gold (10g) |
|---|---|---|
| Delhi | ₹79,450 | ₹86,660 |
| Mumbai | ₹79,300 | ₹86,510 |
| Kolkata | ₹79,300 | ₹86,510 |
| Chennai | ₹79,300 | ₹86,510 |
| Bhopal | ₹79,350 | ₹86,560 |
Gold and Silver Price Performance in 2024:
The performance of gold and silver in 2024 has been remarkable. Gold has given a 20.22% return in the past year, and silver has increased by 17.19%. On January 1, 2024, the price of 10 grams of gold was ₹63,352, which increased to ₹76,162 by the end of the year. Similarly, the price of one kilogram of silver increased from ₹73,395 to ₹86,017 during the same period.
Tips for Buying Gold: Always Choose Certified Gold
As the demand for gold increases, it is very important to buy certified gold so that you are not cheated. According to new rules, all gold sold in India will carry the Bureau of Indian Standards (BIS) hallmark. From April 1, 2024, gold will be sold only with a unique six-digit alphanumeric code, the HUID (Hallmark Unique Identification Number), like the 12-digit code on an Aadhaar card.
To Sum Up:
The current high gold and silver prices also owe to increasing demand and changing trends in the market. With gold continually breaking new price records, one must be well-informed about the market trends before investing. Buy only BIS hallmark-certified gold for sure authenticity.
