Gold price surges past ₹1.21 lakh/10 grams for first time:Silver hits record ₹1.50 lakh per kg – know gold rates by carat in major Indian cities

Gold and silver prices soared to fresh record highs on Wednesday, October 8, continuing their upward momentum. According to data from the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold rose by ₹1,858 to ₹1,21,799 per 10 grams, compared to ₹1,19,941 in the previous session. So far this year, gold has become costlier by ₹45,637, marking a significant rally driven by global uncertainty and strong investor demand for safe-haven assets. Silver too witnessed a sharp jump, gaining ₹2,342 to reach a new peak of ₹1,50,783 per kilogram, up from ₹1,48,441 on Monday. Analysts attribute the rally to heightened geopolitical tensions and expectations of interest rate cuts by major central banks, which have boosted demand for precious metals. Gold Gains ₹45,637 and Silver ₹64,766 So Far This Year Gold and silver have delivered stellar returns in 2025, with both precious metals touching record highs. According to data from the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold has surged by ₹45,637 since December 31, 2024. Back then, gold was priced at ₹76,162 per 10 grams, which has now climbed to ₹1,21,799. Silver has shown an even sharper rise, gaining ₹64,766 during the same period. On December 31, 2024, one kilogram of silver was priced at ₹86,017, and it now stands at ₹1,50,783 per kilogram. Analysts say the consistent rally reflects strong global demand for safe-haven assets amid geopolitical tensions and expectations of monetary easing by major central banks. Gold up 21%, Silver up 17% in 2024 Gold and silver prices witnessed strong gains in 2024. Gold could hit ₹1.55 lakh per 10g next year, analysts say Gold may rise to about ₹1.55 lakh per 10 grams by next year if international forecasts hold, according to a recent Goldman Sachs report that has set a $5,000-per-ounce target for bullion. At current exchange rates, that level equates to roughly ₹1,55,000 per 10 grams. PL Capital director Sandeep Raichura said domestic prices could climb to around ₹1,44,000 per 10 grams. Four factors likely to support higher gold prices Two buying tips for consumers How to check carat-based pricing (example) If 24-carat gold costs ₹60,000 per 10 grams: Gold Purity by Carat 24 Carat: 99.9% 23 Carat: 95.8% 22 Carat: 91.6% 21 Carat: 87.5% 18 Carat: 75.0%