Gold and Silver rate today: On Monday, the price of 10 grammes of gold on the domestic bullion market opened above the level of $55,800 for the first time. Prior to this, the record price for 10 grammes of gold was 56,600. In January, the price of gold has steadily increased as a result of geopolitical circumstances. Several times in the past month, the lustrous metal has been able to surpass the level of 56,000 per 10 grammes. Even on January 13, the price of gold reached 56,462 per 10 grammes. On Monday, however, gold set a new record. In trade, silver also increased by more than 1,100 per kilogramme. Due to this increase, silver prices again surpassed 69,000 per kilogramme.
According to data from the Indian Bullion and Jewelers Association (IBJA) obtained by HS, the average price of 24 karat (999) gold per 10 grammes (provisional) on the domestic bullion market increased by 352 to 56,814 rupees.
Likewise, the price of 23 carat (995) gold increased by 351 to 56,587 per 10 grammes (provisional). While the price of jewellery, which is comprised of 22 carats (916) of gold, increased by 323 per 10 grammes. This brought 22-karat gold to a price of 52,042 per 10 grammes (provisional). In addition, the 18-karat (750) gold price increased by 264 per 10 grammes to 42,611 per 10 grammes (provisional). While the price of 14 carat (585) gold increased by 206 to reach 33,236 per 10 grammes (provisional).
Silver prices also increased.
Along with the increase in gold’s price on the bullion market, silver’s price also rose. The price per kilogramme of silver (999) increased by 1,121 on Monday. Due to this price increase, the price per kilogramme of this lustrous metal surpassed 69,000 and reached 69,236. (provisional).
Dollar index weakness supports gold.
According to experts, the weakening of the dollar index has provided global support for the gold price. In October of this year, the dollar index reached a high of 114, while it has since dropped to 102. Due to the decline in the dollar index, which has supported the prices of gold and silver, the position of the Indian rupee has also strengthened.
Purchases on a massive scale by central banks
According to market expert Mayank Mohan, the large-scale purchase of gold by central banks around the world is one of the reasons for the rise in the price of gold, along with the decline in the dollar index. Due to the uncertainty created by the global economy, the majority of nations are attempting to increase their gold reserves.
Since 2022 until the present, the central banks of numerous nations have purchased approximately 400 tonnes of gold, which has provided substantial support to the price of gold. It is believed that if the current rate of improvement in the global economy continues, gold could reach $64,000 per 10 grammes this year.