By Amit - March 20, 2023
New Delhi3 hours ago
Gold reached an all-time high on Monday. According to the website of the India Bullion and Jewelers Association (IBJA), 10 grams of gold is being sold at Rs 59,671, costlier by Rs 1,451. Earlier on February 2, gold was at its all-time high. Then its price was 58 thousand 882 rupees per 10 grams.
Anuj Gupta, Vice President, IIFL Securities, says that gold is getting support due to the ongoing ups and downs in the stock market. Due to this, by the end of this year, gold can go up to 65 thousand rupees per 10 grams. According to Ajay Kedia, director of Kedia Advisory, the gold super cycle that started in 2020 is still going on. Gold was estimated to reach 62,000 this year, but in the current circumstances it can reach 64,000.
gold price by carat
Gold boom is a sign of slow economic growth
Colin Shah, MD, Cama Jewellery, said, Gold prices have increased by around 7-8% in the last one month. This boom is mainly due to the US banking crisis. The rise in gold prices is also a sign of slow economic growth. Central banks around the world are currently increasing gold reserves.
The festive season starting from Gudi Padwa in India will increase the demand at the retail level. We expect gold to move higher in the next few months and touch new highs. Domestically, it is expected to trade in the range of 61,000-62,000/10 grams.
silver crossed 68 thousand
Silver has also crossed 68 thousand. In the bullion market, it has become costlier by Rs 1477 to reach Rs 68250 per kg. Earlier on March 17, the price of one kg of silver was Rs 66,773 thousand.
Only six digit hallmarking gold will be sold from April 1
Under the new rule, gold will not be sold without six-digit alphanumeric hallmarking from April 1. Just like the Aadhaar card has a 12 digit code, similarly gold will have a 6 digit hallmark code. This is called Hallmark Unique Identification Number ie HUID.
This number can be alphanumeric i.e. something like this- AZ4524. Through this number it will be possible to find out how many carats a gold is. 940 centers have been set up to give trade mark on gold across the country. Now the four digit hallmarking will be completely stopped.