Gold and silver prices reach record high today:Gold hits ₹1.19 lakh per 10g, rises ₹2,105; up ₹43,000 this year, silver at ₹1.49 lakh/kg

Gold and silver prices today, October 6, have once again reached an all-time high. According to the India Bullion and Jewelers Association (IBJA), 10 grams of 24-carat gold increased by ₹2,105 to reach ₹1,19,059.
Previously, it was at ₹1,16,954. Meanwhile, silver prices also rose by ₹2,940 to reach ₹1,48,550. Yesterday (Sunday), it was at ₹1,45,610. This year, gold became ₹43,000 and silver ₹62,000 more expensive Gold can go up to ₹1.55 lakh
According to a recent report by Goldman Sachs, the bank has set a target of $5000 per ounce for gold by next year.
At the current exchange rate, this would be approximately ₹1,55,000 per 10 grams in rupees. Sandeep Raichura, Director of brokerage firm PL Capital, said that gold could go up to ₹1,44,000 per 10 grams. 5 big reasons why gold prices are expected to rise 1. Central bank purchases: Large banks worldwide want to reduce their dependence on the dollar. Therefore, they are continuously increasing the share of gold in their reserves. Impact: When large banks continuously buy, the demand for gold in the market remains high and prices go up. 2. ‘Trump Factor’ and policy uncertainty: There is uncertainty regarding US policies. Talk of interference in the Federal Reserve weakens the dollar-bond market. Impact: Investors look for safe investments and flock towards gold. This causes gold prices to rise. 3. Shift from crypto to gold: Due to volatility in crypto and fear of strict regulations, investors are putting money into gold. Low returns from the stock market in India over the past period have also made gold attractive. Impact: Rapid increase in gold demand causes prices to climb. 4. Dedollarization: Many countries are changing their economic models by reducing the use of the dollar. Debt on America is increasing and the dollar is weakening. Impact: If the dollar weakens, gold prices rise. 5. Long-term asset: Gold is never completely worthless. It does not get destroyed, is limited in quantity, and retains its value during inflation. Impact: Holding gold in the long term is mostly beneficial.