Gold prices reached a historic milestone
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Gold prices reached a historic milestone on January 22, crossing ₹80,000 per 10 grams for the first time. According to the India Bullion and Jewelers Association (IBJA), the price of 10 grams of 24-carat gold surged by ₹689 to ₹80,142, compared to ₹79,453 on Tuesday. The previous all-time high was ₹79,681 per 10 grams, recorded on October 30, 2024.
Gold Surges :Silver Prices Also on the Rise
Silver prices have also seen significant growth. The price per kilogram increased by ₹634 to ₹91,167, up from ₹90,533. Silver’s highest recorded price was ₹99,151 per kilogram on October 23, 2024.
Gold Surges : Gold Prices Across Major Cities
- Delhi: ₹75,400 (22-carat), ₹82,240 (24-carat)
- Mumbai: ₹75,250 (22-carat), ₹82,090 (24-carat)
- Kolkata: ₹75,250 (22-carat), ₹82,090 (24-carat)
- Chennai: ₹75,250 (22-carat), ₹82,090 (24-carat)
Gold Surges : Key Factors Driving Gold Prices
- Geopolitical Tensions: Global uncertainties, especially with changes in U.S. leadership, have contributed to the rally.
- Interest Rate Cuts: The U.S. Federal Reserve recently reduced interest rates, and further cuts are anticipated.
- Rising Inflation: Higher inflation levels are bolstering demand for gold as a hedge.
- Stock Market Volatility: Increased market uncertainty has prompted investors to shift towards Gold ETFs.
Gold Surges : Gold and Silver Returns in 2024
Gold delivered a remarkable 20.22% return in 2024, with prices rising from ₹63,352 per 10 grams on January 1 to ₹76,162 by December 31. Similarly, silver provided a return of 17.19%, with prices climbing from ₹73,395 per kilogram to ₹86,017.
Outlook: Gold May Reach ₹85,000 by June
Experts predict that gold prices could touch ₹85,000 per 10 grams by June 2025. The recent corrections in gold prices, coupled with further interest rate cuts in the UK and growing investments in Gold ETFs, are likely to drive prices higher in the coming months.
