Gold and silver prices have surged to all-time highs today. According to data from the India Bullion and Jewellers Association (IBJA), the price of 10 grams of 24-carat gold has increased by ₹452, reaching ₹78,703. However, by the end of trading, the gold price settled at ₹78,692, reflecting a gain of ₹441.
Simultaneously, silver prices rose by ₹779, reaching ₹99,151 per kilogram. By the end of trading, silver was priced at ₹98,862, after a ₹490 increase. On October 22, both gold and silver had also recorded all-time highs. So far this month, gold prices have increased by ₹3,506 from ₹75,197 on September 30.
Earlier this year, in January, the price of gold per ounce was $2,000. Following a reduction in customs duty on gold introduced in the budget in July, prices fell by nearly 7%. However, after the initial drop, gold prices rebounded significantly. Factors such as festive and wedding seasons, alongside geopolitical tensions and anticipated cuts in interest rates by the U.S. Federal Reserve, have led to a surge in demand for gold and silver. Consequently, gold prices have reached record levels