February 20, 2025: Gold and silver prices have decreased today, as reported by the India Bullion and Jewellers Association (IBJA). The price of 24-carat gold has fallen by ₹192 per 10 grams, now priced at ₹86,541. Previously, it reached a high of ₹86,733.
Similarly, silver prices have seen a drop of ₹385, bringing the price of 1 kilogram of silver to ₹97,181, down from ₹97,566 per kilogram. The highest price recorded for silver was ₹99,151 per kilogram on October 23, 2024.
Gold Price Breakdown (per 10 grams):
- 24 Carat: ₹86,541
- 22 Carat: ₹79,272
- 28 Carat: ₹64,906
Current Prices in Major Cities:
- Delhi: 22 Carat – ₹80,850, 24 Carat – ₹88,190
- Mumbai: 22 Carat – ₹80,700, 24 Carat – ₹88,040
- Kolkata: 22 Carat – ₹80,700, 24 Carat – ₹88,040
- Chennai: 22 Carat – ₹80,700, 24 Carat – ₹88,040
- Bhopal: 22 Carat – ₹80,750, 24 Carat – ₹88,090
Increase in Gold and Silver Prices Since January 1:
Since January 1, 2025, the price of 24-carat gold has increased by ₹10,379, moving from ₹76,162 to ₹86,541 per 10 grams. Silver has also seen a rise of ₹11,164, from ₹86,017 to ₹97,181 per kilogram.
Reasons Behind the Rise in Gold Prices:
- A weakened Indian Rupee against the US Dollar has caused gold prices to climb.
- Inflationary pressures have provided support for the precious metal.
- Growing stock market volatility has encouraged investors to flock to gold.
- Industry experts predict gold could hit ₹90,000 per 10 grams this year due to rising geopolitical tensions and a surge in Gold ETF investments.
Expert Insights:
Ajay Kedia, Director at Kedia Advisory, mentioned that after a strong rally, a price correction in gold was anticipated. He also highlighted that geopolitical concerns and an increasing demand for gold-backed financial products could push gold prices to ₹90,000 per 10 grams in 2025.
Tips for Buying Gold:
- Opt for Certified Gold: Always purchase BIS (Bureau of Indian Standards) certified gold, and ensure it carries a unique Hallmark Identification Number (HUID), which verifies the purity.
- Cross-Check the Price: Confirm the price and weight of gold from multiple reliable sources. Keep in mind that the price varies by carat.
- Avoid Cash Payments: Use digital payment methods like UPI, debit/credit cards, or bank transfers, and always ask for a receipt. When buying online, carefully check the packaging before accepting the delivery.
