Gold and silver prices all-time high as Navratri Begins; likely to surge further until Diwali
Experts say international market instability has influenced the Indian market, leading to this price surge in both gold and silver
Gold and silver price update: With the start of Navratri, the prices of gold and silver have witnessed a sharp increase, reaching record levels in the Indian market amidst global market fluctuations. On Friday, the price of standard gold hit an all-time high, with 10 grams of standard gold now priced at Rs 78,250. Meanwhile, the price of silver also surged, bringing 1 kg of silver to Rs 95,200. According to bullion traders, the upward trend in gold and silver prices is expected to continue until the Diwali festival.
Experts say international market instability has influenced the Indian market, leading to this price surge in both gold and silver. This might continue for another week, after which prices could stabilise. However, there is a strong likelihood that prices may climb again during Diwali, with the price of standard gold potentially reaching Rs 80,000 by the end of the year.
Key tips for buying gold
Always purchase certified gold with the Bureau of Indian Standards (BIS) hallmark. As per the new rules, from April 1, only gold with a 6-digit alphanumeric hallmark will be sold, known as the Hallmark Unique Identification (HUID) number. This code, similar to an Aadhaar number, allows buyers to verify the purity of the gold.
Ensure you cross-check the gold's price and weight on multiple sources, such as the India Bullion and Jewellers Association's website, before making a purchase. The price of gold varies depending on its purity—24-carat, 22-carat, and 18-carat gold are all priced differently. Typically, 22-carat gold or lower is used for jewelry as 24-carat gold is too soft for crafting jewellery.
To calculate the price based on the gold's carat value, if the price of 24-carat gold is Rs 60,000 per 10 gm, the price per gram would be Rs 6,000. The value per carat per gram would then be Rs 6,000/24 = Rs 250. If your jewellery is made of 18-carat gold, the price would be 18 x Rs 250 = Rs 4,500 per gram. Multiply this price by the total weight of the jewellery to determine its accurate value.