After nine consecutive days of decline, gold prices in India have rebounded, gaining ₹2,585 on October 29. According to the India Bullion & Jewellers Association (IBJA), the price of 10 grams of gold now stands at ₹1,20,628, up from ₹1,18,043 on October 28.
Gold had dropped by ₹1,951 on Diwali, October 20, and fell a total of ₹11,541 between October 20 and 28. Despite these fluctuations, gold has risen ₹44,466 so far this year.
Similarly, silver prices surged by ₹4,737, reaching ₹1,46,633 per kilogram, up from ₹1,41,896 on October 28. Earlier this month, on October 17, gold and silver had hit record highs of ₹1,30,874 per 10 grams and ₹1,71,275 per kilogram, respectively.
It’s important to note that IBJA prices do not include 3% GST, making charges, or jeweller margins, which can cause slight variations in city rates. RBI uses these rates to set Sovereign Gold Bond prices, and many banks refer to them for gold loan valuations.
Yearly Gold and Silver Gains:
Gold: Increased ₹44,466 from ₹76,162 per 10 grams on December 31, 2024, to ₹1,20,628.
Silver: Up ₹60,616 from ₹86,017 per kilogram at the end of 2024 to ₹1,46,633 now.
Tips for Buying Gold Safely:
Always choose certified gold: Look for BIS hallmarked gold. Hallmarks include an alphanumeric code, e.g., AZ4524, indicating the carat of the gold.
Cross-check prices: Verify gold prices across multiple sources, like IBJA’s official website, and ensure you know the exact weight and carat (24k, 22k, or 18k) before purchasing.
With gold and silver regaining momentum, investors and devotees buying for festivals or investment purposes should follow these guidelines to make informed purchases.
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