Gold crosses ₹1.27 lakh per 10 gm, up ₹51,000 YTD:Silver becomes cheaper by ₹7,250 per kg in the last 2 days

Gold continues to rise for the 15th consecutive day. According to the India Bullion and Jewelers Association (IBJA), the price of 10 grams of 24 carat gold on Thursday, 16 October increased by ₹533 to reach an all-time high of ₹1,27,247. Yesterday it was at ₹1,26,714. Meanwhile, silver prices have fallen for the second day after rising continuously for 21 days. On Thursday, silver decreased by ₹3,150 to ₹1,70,850 per kilo. Yesterday silver was at ₹1,74,000 per kilo. Before this, on Tuesday, 14 October, silver was at an all-time high of ₹1,78,100. This year gold became costlier by ₹51,085 and silver by ₹84,833 This year so far, the price of gold has increased by ₹51,085. On December 31, 2024, 10 grams of 24-carat gold was ₹76,162, which has now reached ₹1,27,247. The price of silver has also increased by ₹84,833 during this period. On December 31, 2024, the price of one kilogram of silver was ₹86,017, which has now become ₹1,70,850 per kilogram. Gold could 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 the current exchange rate, this would be approximately ₹1,55,000 per 10 grams in rupees. PL Capital’s Director Sandeep Raichura said that gold could go up to ₹1,44,000 per 10 grams. Three major reasons for the surge in gold 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 for the long term could be beneficial. Keep these 2 things in mind when 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.