While gold’s shine continues to grow during Diwali and ahead of Diwali, another precious metal, silver, is also gaining ground. Silver hit new highs on Monday, the first trading day of the week, and yes, the price of a kilogram of silver touched the Rs 100,000 level on the Multi-Commodity Exchange (MCX). This is the first time silver has reached this level. On the other hand, the price of gold continues to remain above 78,000.
This is now an all-time high for silver
On Monday, the price of the March silver contract expiring on December 5 on the Multi Commodity Exchange (MCX) crossed Rs 1 lakh, which is the highest level for silver so far. If we look at the data, the precious metal has reached a level of Rs 1,00,289 per kg during the trading period. Experts cited in the report said that silver’s rise was due to rising geopolitical tensions in the Middle East and uncertainty about the upcoming U.S. election. Ajay Kedia, director of Kedia Advisory, estimates that silver prices may reach Rs 1.30 lakh per kg by March 2025.
The price of gold is also ridiculously high
Like silver, gold prices also remain high, trading at over Rs 78,000 per 10 grams. If we look at the change in gold price on MCX on December 5 expiry on Monday, it was trading at Rs 78,235, up by Rs 486. A week ago, on October 14, its price was Rs 76,046 per 10 grams. If we look accordingly, its price has increased by Rs 2,189 in just a week.
What is the current price in the domestic market?
Now let’s talk about the gold and silver prices in the domestic market. According to the website of the Indian Bullion and Jewelers Association, i.e. IBJA, the prices of different qualities at 12 noon are as follows…
quality price
24 carat gold Rs 77,970/10 grams
22 carat gold Rs 76,100/10 grams
20 carat gold Rs 69,390/10 g
18 carat gold Rs 63,150/10 grams
14 carat gold Rs 50,290/10 grams
Domestic market gold prices provided on the IBJA website are exclusive of 3% GST and production charges. Production costs vary, and as a result, gold prices vary across cities in the country.
How to test the purity of gold
Let us tell you that the price of gold jewelery varies across the country due to excise duty, state taxes and manufacturing charges. Let me tell you that most jewelry only uses 22-karat gold, and some people use 18-karat gold. The Hall mark is recorded on jewelry by carat number. 24 carat gold jewelry has 999 written on it, 23 carat gold jewelry has 958 written on it, 22 carat gold jewelry has 916 written on it, 21 carat gold jewelry has 875 written on it, and 18 carat gold jewelry has 750 written on it.