Gold becomes ₹8,000 more expensive this week:Silver prices up ₹5,000; yellow metal rates rise to ₹1,29,584 per 10 gm

This week saw a significant increase in gold and silver prices. According to the Indian Bullion Jewelers Association (IBJA), the price of 10 grams of 24 carat gold increased by ₹8,059 (6.63%) over the week to reach ₹1,29,584. Last week, on 10 October, prices were at ₹1,21,525. Meanwhile, silver prices showed less momentum compared to gold during this period. On 10 October, the silver rate was ₹1,64,500 per kilogram, which increased by ₹4,730 (2.87%) to reach ₹1,69,230 by 17 October. On 14 October, silver reached an all-time high of ₹1,78,100. This year gold became costlier by ₹53,422 and silver by ₹83,213 This year so far, gold prices have increased by ₹53,422 (70.14%). On December 31, 2024, 10 grams of 24 carat gold was ₹76,162, which has now reached ₹1,29,584. Silver prices have also increased by ₹83,213 (96.74%) during this period. On December 31, 2024, one kilogram of silver was priced at ₹86,017, which has now reached ₹1,69,230 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 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 that caused the rise in gold prices Silver price is 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 an uptrend in the short term. People may book profits. However, long-term investment in it 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.