Gold prices cross ₹1.30 lakh per 10 gm mark:Silver becomes costlier by ₹3,192, reaches ₹1.71 lakh per kg

Gold prices have risen for the 16th consecutive day. According to the India Bullion and Jewelers Association (IBJA), the price of 10 grams of 24 carat gold on 17 October increased by ₹3,403 to reach an all-time high of ₹1,30,874. Yesterday, it was at ₹1,27,471. Silver prices are also up today. It has increased by ₹3,192 to reach ₹1,71,275 per kilo. Yesterday silver was at ₹1,68,083 per kilo. Earlier on Tuesday, 14 October, silver was at an all-time high of ₹1,78,100. This year gold became costlier by ₹54,712 and silver by ₹85,258 Gold prices have increased by ₹54,712 so far this year. On December 31, 2024, 10 grams of 24-carat gold was priced at ₹76,162, which has now increased to ₹1,30,874. The price of silver has also increased by ₹85,258 during this period. On December 31, 2024, one kilogram of silver was priced at ₹86,017, which has now risen to ₹1,71,275 per kilogram. Gold can reach ₹1.55 lakh According to a recent Goldman Sachs report, the bank has set a target of $5,000 per ounce for gold by next year. At current exchange rates, this would be approximately ₹1,55,000 per 10 grams in rupees. PL Capital’s Director Sandeep Raichura said that gold could reach ₹1,44,000 per 10 grams. Three major reasons for the surge in gold rates Silver prices are rising due to 3 reasons Not the right time to invest in gold now! According to Kedia Advisory Director Ajay Kedia, gold has increased by about 60% this year, so there is less expectation of a rise in the short term. People may book profits. However, investing in it for the long term could be beneficial. Keep these 2 things in mind while buying gold 1. Buy only certified gold: Always buy certified gold with Bureau of Indian Standards (BIS) hallmark. This number can be alphanumeric like AZ4524. Hallmarking indicates how many carats the gold is. 2. Cross-check prices: Cross-check the correct weight of gold and its price on the day of purchase from multiple sources (like India Bullion and Jewellers Association website). Gold prices vary according to 24 carat, 22 carat and 18 carat.