Leaders Online: Gold rate reached an all-time high on Wednesday (Dec.10). Today, gold rose by Rs 216 to Rs 72,048 per 10 grams. Silver is also expensive. Silver rose by Rs 368 to Rs 82,468 per kg. Experts in the bullion market have expressed the possibility that the price of gold and silver will increase further in the next few days. (Gold Prices Today)
According to the India Bullion and Jewelers Association, on Wednesday pure gold i.e. 24 carat opened at Rs 72,048, 22 carat at Rs 65,996, 18 carat at Rs 54,036 and 14 carat at Rs 42,148. Silver rate opened at Rs 82,468 per kg from Rs 82,100.
8,700 in 2024, an increase of Rs
In 2023, the price of gold increased by more than 8 thousand rupees. So far in 2024, the price of gold has increased by around Rs 8,700.
What caused the record rise in gold prices?
Gold is considered a flexible and safe investment. When interest rates fall, gold prices rise. This is because investors are attracted to investing in gold rather than income-producing assets like bonds. Investors also look to gold as a hedge against inflation. Central banks also view gold as a long-term store of value and a safe investment in times of economic and international turbulence. The People's Bank of China bought gold for the 17th month in a row in March. Their gold reserves have increased by 1,60,000 oz. This took their gold reserves to 72.74 million troy ounces, Reuters reported. (Gold Prices Today)
Chinese investors are increasingly investing in gold as an alternative asset due to asset valuations and falling equity prices over the past few years. Experts say that gold prices have increased since 2022 due to central bank purchases. Also, as the wedding season is going on in India, the demand for gold has increased. This is also the reason for price hike.
How to assay pure gold?
24 carat is considered pure gold in the bullion market. But, 22 carat gold is used to make jewellery. It contains 91.66 percent gold. There are 5 hallmarks associated with hallmarks for jewelry purity. 999 on 24 carat gold, 916 if it is 22 carat gold and 750 on 18 carat gold. If the jewel is 14 carats, it is marked 585. (Gold Price Today)
#Gold and #Silver opening #Rates for 10/04/2024
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