Big Change in Gold and Silver Prices: Silver Jumps by ₹2267, Gold Also Sees an Increase

New Delhi (The Uttam Hindu): Today, 24-carat gold opened ₹787 more expensive at ₹787 per 10 grams. At the same time, silver saw a significant surge of ₹2267, opening at an average price of ₹87400. The gold and silver prices have witnessed a substantial rise in the bullion markets today. As mentioned, 24-carat gold is ₹787 costlier and opens at ₹787 per 10 grams. On the other hand, silver prices have surged by ₹2267, opening at ₹87400. These prices have been issued by the Indian Bullion and Jewelers Association (IBJA) and do not include GST. It's possible that in your city, there could be a price difference of ₹1000 to ₹2000.

The average price of 23-carat gold has risen by ₹783, now standing at ₹75858 per 10 grams. The price of 22-carat gold has dropped by ₹721, now priced at ₹69766. The cost of 18-carat gold has increased by ₹721, reaching ₹57123. Similarly, the price of 14-carat gold has risen by ₹590, now standing at ₹44556.

It is noteworthy that the Indian Bullion and Jewelers Association (IBJA) is a 104-year-old organization. IBJA issues gold rates twice a day, during the afternoon and evening. These rates are based on notifications issued by the Ministry of Finance and the Reserve Bank of India and are used as benchmark rates for sovereign and bond issuance. IBJA has offices in 29 states and is an integral part of all government organizations.

How Gold Prices are Determined

The price at which you buy gold from jewelers in the market is the spot price, which is determined when the market opens in most cities, with members of the local bullion association setting the prices. In the MCX futures market, the prices include VAT, levies, and other costs before being declared. The price you pay at jewelers reflects the rates that remain consistent throughout the day. This is why gold prices vary across different cities. Additionally, in the spot market, the price of gold is determined based on its purity.