Gold Prices Soar Ahead of Holi Silver Sparkles Too What You Need to Know

Prices of gold and silver are shining bright again, showing a significant jump just ahead of the colorful festival of Holi. The upward movement has surely attracted buyers’ attention, with the wedding season also being in full gear. If you are thinking of buying gold or silver, knowing the prevailing market forces is essential. This article gives a detailed overview of the current gold and silver prices in India, as well as information on purity and how to remain updated.

Latest Gold Rates in India A Detailed Look

24-carat gold has risen to ₹86,430 per 10 grams from the last close of ₹85,690. The rise is a good indication of growing demand for the precious metal, both for festive and wedding season buying. The same trend is seen in silver as well with the price rising to ₹97,000 per kg from ₹96,023/kg earlier. These prices, released by the India Bullion and Jewellers Association (IBJA), are GST-free.

For others looking for other purities, here is a quick rundown based on ibjarates.com

995 Purity Gold: ₹86,084 per 10 grams
22 Carat (916) Gold: ₹79,170 per 10 grams
18 Carat (750) Gold: ₹64,823 per 10 grams
14 Carat (585) Gold: ₹50,562 per 10 grams

These are base prices and the actual price may differ based on jeweller, making charges, etc.

Keeping Yourself Updated and Checking Purity

It is always important to track changing gold and silver prices so that you make informed choices. One such easy way of doing this is by dialling 8955664433 with a missed call. You’ll get the up-to-date rates through SMS very soon. Or, if you prefer, you can visit the official IBJA website (ibjarates.com) to get the latest information.

Ensuring the purity of gold you purchase is also crucial. Hallmarking, a certification system by the Bureau of Indian Standards (BIS), assists consumers in determining the purity of gold jewellery. Various purities are marked by certain numbers: 999 for 24-carat, 958 for 23-carat, 916 for 22-carat, 875 for 21-carat, and 750 for 18-carat. Although 22-carat gold is widely used for making jewellery, 18-carat gold is also widely used due to its strength.

Determinants of Gold Prices

A number of factors account for the volatile price of gold in India. Global economic factors, such as inflation levels and currency exchange rates, have a major influence. Local demand, particularly during festive and wedding periods, also affects price movements. Government policies, including import levies and taxes, can affect the price of gold. These factors being considered can help you better interpret the direction of the gold market.

Taking Decisions Prudently

Since gold rates are now running on the ascending path, you must think prudent in making buying plans. If you intend to buy gold as an investment, it becomes necessary to study the market fluctuations and take advise from financial counselors. Those buying gold as part of some special occasion such as wedding ceremonies, etc., need to observe price variations amongst different jewellers and ensure pureness of the gold. By being well-informed and making wise choices, you can maneuver the gold market perfectly and obtain maximum value for your money.