Today, Thursday, March 21, is coal time for gold prices. The India Bullion and Jewelers Association reports that the price of 10 grams of gold has increased by Rs 1,279 to Rs 66,968. Gold reached its highest point ever Monday, March 20, at Rs 65,646 per 10 grams.
Silver is also seeing a significant increase at the same time as today. It now costs Rs 75,448 per kilogram, an increase of Rs 1,562. The price of silver was Rs 73,886 earlier yesterday. The all-time high for silver was reached on December 4, 2023, or Rs 77,073.
primary causes of the gold price increase:
Fear of a global economic downturn in 2024
The wedding season raised demand for gold.
Globally, central banks are purchasing gold.
Support for gold as a result of global inflation rising
The purchase of ETFs has led to an increase in gold investment.
In March, the price of gold has increased by almost Rs 4,000. The price of silver and gold have increased dramatically so far in March. Gold's price per 10 grams at the start of the month, on March 1, was Rs 62,592, and on March 20, it reached Rs 66,968. That indicates that in just 20 days, the price per 10 grams increased by Rs 4,376. Silver also saw a rise at the same time, going from Rs 69,977 to Rs 75,448 per kg.
In 2023, the price of gold had increased by almost Rs 8 thousand.
Gold's price per gram at the start of 2023 was Rs 54,867, and on December 31, it reached Rs 63,246. This indicates that its price grew by Rs 8,379 (16%) in 2023. The price of silver also rose at the same time, rising from Rs 68,092 to Rs 73,395 per kg.
Gold can fetch as much as Rs. 70,000. Experts in the market predict that gold prices will likely continue to rise in the days ahead. As a result, the price of gold may reach Rs. 70,000 per 10 grams by the end of the year. Moreover, silver might get up to Rs 75,000 per kilogram at the same time.
Remember these four points while purchasing gold.
1. Purchase only certified gold: Consistently purchase gold bearing the Bureau of Indian Standards (BIS) hallmark. As of April 1, gold sales will be prohibited under the new regulation if the hallmarking is not six-digit alphanumeric. Similar to how the Aadhaar card has a 12-digit code, gold will also get a 6-digit hallmark code. This is known as the HUID, or Hallmark Unique Identification Number.
This number may be written in alphanumeric characters, such as AZ4524. The amount of gold in a piece can now be determined via hallmarking.
2. Verify the cost again
Verify the exact weight and cost of the gold on the day of purchase by cross-referencing information from several sources (such as the India Bullion and Jewelers Association website). Gold is priced differently depending on its 24 carat, 22 carat, and 18 carat weights.
Although 24-carat gold is thought to be the purest type of gold, jewelry is not manufactured of it due to its extreme softness. Jewelry is typically made of gold that is 22 carats or less.
Examine the cost based on carat by doing the following: Assume that 10 grams of 24 carat gold costs Rs 60,000. This indicates that a gram of gold cost Rs 6,000. The cost of one gram of pure gold in this scenario was 6000/24, or 250 rupees.
Assuming your jewelry is composed of 18-carat pure gold, its cost is equal to 18x250, or 4,500 rupees per gram. You can now determine the precise value of gold by multiplying the weight of your jewelry by Rs 4,500.
3. Accept the bill instead of paying with cash.
Using cash to purchase gold can turn out to be a costly error. Making payments via digital banking and UPI (such as the BHIM app) is preferable. You have the option to pay with a credit or debit card as well. Don't forget to pay the bill after this. When placing an online order, make sure to inspect the box.
4. Be aware of the resale guidelines: A lot of individuals view gold as an investment. It is crucial that you are fully informed of the gold's resale worth in such a circumstance. Additionally, bring up the worried jeweller's buyback policy with the store staff.
