BusinessGold Price Today (October 5); What is the price of gold and silver today? Economic news
This week, gold and silver prices have increased. According to the India Bullion and Jewelers Association (IBJA) website, last Saturday, i.e. September 28, gold was at Rs 75,640, which has now reached Rs 75,964 per 10 grams on (October 5). This means that its price has increased by Rs 324 this week.
Whereas, if we talk about silver, it was at Rs 91,448 last Saturday, which has now reached Rs 92,200 per kg. This week, its price increased by Rs 752. This year, silver had reached its all-time high of Rs 94,280 per share on May 29.
Gold Price in 4 Metros and Bhopal
Delhi: The price of 10 grams of 22 carat gold is Rs 71,350 and the price of 10 grams of 24 carat gold is Rs 77,820.Mumbai: The price of 10 grams of 22 carat gold is Rs 71,200 and the price of 10 grams of 24 carat gold is Rs 77,670.Kolkata: The price of 10 grams of 22 carat gold is Rs 71,200 and the price of 10 grams of 24 carat gold is Rs 77,670.Chennai: The price of 10 grams of 22 carat gold is Rs 71,200 and the price of 10 grams of 24 carat gold is Rs 77,670.Bhopal: The price of 10 grams of 22 carat gold is Rs 71,000 and the price of 10 grams of 24 carat gold is Rs 77,450.
Gold can rise to Rs 78 thousand by the end of the year According to Anuj Gupta, head of commodities and currencies at HDFC Securities, gold and silver could see a rise in the coming days. This year, gold can go up to Rs 78,000 per 10 grams. While silver can also reach Rs 1 lakh per kg.
3 main reasons for the rise in the price of gold
Israel-Hezbollah conflict: Investor confidence in the stock market declined due to the outbreak of war in the Middle East. They turn to gold, considered a safe investment. This is the main reason for the rise in gold.US Fed: The US Federal Reserve unexpectedly cut interest rates by 0.5%. This weakened the dollar. This strengthened gold. The Fed has decided to cut interest rates further. This will further weaken the dollar. Investors are increasingly investing in gold.Festive request: This time in the country, the demand for gold is estimated to be 30% higher during the festive period and the wedding season that follows. The World Gold Council estimates that it is possible that an additional 100 tonnes of gold will be imported into India this year. This means that a total of 850 tonnes of gold will arrive in the country this year. Last year, this figure reached only 750 tonnes.
Keep these 3 things in mind when buying gold
1. Buy only certified gold
Always buy certified gold bearing the Bureau of Indian Standards (BIS) mark. There is a 6 digit hallmark code on the gold. This is called the Hallmark Unique Identification Number, i.e. HUID. This number is alphanumeric, that is, something like this – AZ4524. Thanks to hallmarking, it is possible to know the number of carats of gold.
2. Check the price
Check the correct weight of gold and its price on the day of purchase from several sources (such as the India Bullion and Jewelers Association website). The price of gold varies according to 24 carat, 22 carat and 18 carat. 24-karat gold is considered the purest gold, but it is not used for jewelry because it is very soft.
3. Don’t pay cash, take the bill
While purchasing gold, it is better to make payment through UPI (like BHIM app) and digital banking rather than cash payment. If you wish, you can also make payment by debit or credit card. After that, don’t forget to take the bill. If you order online, definitely check the packaging.