Gold Hits All-Time High at ₹80,430 for 10 Grams: A ₹4,268 Surge in 24 Days; Silver at ₹91,265 per Kilogram
Mumbai, January 24 Gold prices in India have reached an all-time high, with 24-carat gold surging to ₹80,430 per 10 grams, marking a ₹391 increase from the previous trading session. According to the India Bullion and Jewellers Association (IBJA), this milestone comes just two days after gold hit its previous record of ₹80,194 on January 22.
Meanwhile, silver prices have also witnessed a sharp rise, increasing by ₹632 to ₹91,265 per kilogram. Silver had last achieved its peak price of ₹99,151 per kilogram on October 23, 2024.
Gold Sees a Remarkable ₹4,268 Surge in 24 Days
The price of 24-carat gold has increased significantly from ₹76,162 on December 31, 2024, to ₹80,430 on January 24, 2025. This staggering ₹4,268 jump in just 24 days highlights the precious metal’s growing appeal as a safe-haven investment amid economic and geopolitical uncertainties.
Gold Prices Across Major Indian Cities
Gold prices vary slightly across different regions due to local taxes and transportation costs. Below are the current prices for 10 grams of gold in major cities:
- Delhi: ₹75,700 (22-carat), ₹82,570 (24-carat)
- Mumbai: ₹75,550 (22-carat), ₹82,420 (24-carat)
- Kolkata: ₹75,550 (22-carat), ₹82,420 (24-carat)
- Chennai: ₹75,550 (22-carat), ₹82,420 (24-carat)
- Bhopal: ₹75,600 (22-carat), ₹82,470 (24-carat)
Key Factors Driving Gold Prices
- Geopolitical Tensions: Global uncertainties, such as strained relations between major economies, have driven demand for gold as a reliable investment.
- Interest Rate Cuts: Recent reductions in interest rates by the US Federal Reserve and the Bank of England have strengthened gold’s appeal.
- Weakening Rupee: A depreciating Indian rupee against the US dollar has made gold imports costlier, pushing up domestic prices.
- Inflationary Pressures: Rising inflation has further boosted gold’s status as a hedge against economic instability.
- Stock Market Volatility: Increased market fluctuations have led investors to allocate more funds to gold exchange-traded funds (ETFs).
2024 Performance: Gold and Silver Yield High Returns
In 2024, gold prices surged by 20.22%, with the metal starting the year at ₹63,352 per 10 grams and closing at ₹76,162. Silver, too, performed well, recording a 17.19% increase, rising from ₹73,395 per kilogram on January 1, 2024, to ₹86,017 by year-end.
Outlook: Gold May Touch ₹85,000 by June 2025
According to Ajay Kedia, Director of Kedia Advisory, gold prices are expected to continue their upward trajectory. “Following a brief correction, gold is poised for another rally, bolstered by global monetary policy shifts and increased ETF buying. By June 2025, we anticipate gold reaching ₹85,000 per 10 grams,” he stated.
Certified Gold: A Must for Buyers
Consumers are advised to purchase only certified gold bearing the Bureau of Indian Standards (BIS) hallmark. The hallmark includes a six-digit alphanumeric code known as the Hallmark Unique Identification (HUID) number, such as “AZ4524,” ensuring the gold’s purity and authenticity.
Key Insights for Gold Buyers
- Gold Type: Opt for 24-carat gold for investments or 22-carat for jewelry, as the purity levels differ.
- Certification: Always verify the BIS hallmark for assurance of quality.
- Market Timing: Monitor global and domestic trends to capitalize on favorable pricing.
