Gold and silver prices continue to rise steadily. On December 27, the price of 24-karat gold in Delhi crossed ₹1.40 lakh per 10 grams. Gold prices are also surging in major cities including Mumbai, Chennai, and Kolkata. In the international market, both gold and silver prices are at new record highs.
Gold Crosses ₹1.40 Lakh in Delhi, Hits Record High
New Delhi: The country witnessed a sharp increase in gold prices on December 27. In Delhi, the price of 24-karat gold reached ₹1,40,180 per 10 grams. The price of 22-karat gold was recorded at ₹1,28,510 per 10 grams. Compared to last year, gold has appreciated by 80.24 percent this year, and analysts say the rally may continue.
Gold prices also surged in Mumbai, Chennai, and Kolkata. In these cities, the price of 24-karat gold was ₹1,40,003 and 22-karat gold was ₹1,28,360 per 10 grams. Investors and those investing in gold for the long term are buying in light of this upward trend.
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In Pune and Bengaluru as well, the price of 24-karat gold was ₹1,40,003 per 10 grams and 22-karat gold was ₹1,28,360 per 10 grams. Gold prices remained almost the same across major cities in the country, keeping investors' attention focused on gold.
In the international market, the spot price of gold reached a new record high of $4,530.42 per ounce. Global demand, a weaker US dollar, and supply shortages are driving gold prices higher. Goldman Sachs has projected that gold will reach $4,900 per ounce by December of next year.
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Along with gold, the price of silver also saw a significant increase. On December 27, the price of silver reached ₹2,40,100 per kilogram. In the domestic market, silver prices have risen by 163.5 percent this year. Strong industrial demand, its status as a safe-haven asset, and a shortage in global supply are considered to be the main reasons for this surge.
Analysts say that both gold and silver are considered safe-haven investments. Due to global central bank purchases and investor demand, the prices of both metals are likely to continue rising in the coming year. Investors can consider investing in gold and silver for the long term.
