Gold prices have surged to record highs just days before the Union Budget 2025, which will be presented on February 1. In the bullion market, the average price of gold increased by Rs 862 to Rs 82,166 per 10 grams compared to the previous close. Silver also saw a major jump, rising by Rs 993 to Rs 93,177 per kg. The price of 23-carat gold now stands at Rs 81,836 per 10 grams, while 22-carat gold is at Rs 75,263 and 18-carat gold at Rs 61,624 per 10 grams.
The rates have been announced by the India Bullion and Jewellers Association (IBJA) and do not include GST. There may be a price difference of Rs 1,000 to Rs 2,000 depending on the city. In January 2025 alone, gold prices surged by Rs 6,425, while silver prices increased by Rs 7,160. On December 31, 2024, gold had opened at Rs 76,045 per 10 grams and silver at Rs 85,680 per kg. By the end of the day, gold closed at Rs 75,740 per 10 grams, while silver settled at Rs 86,017 per kg.
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Why Are Prices Rising?Gold and silver prices have surged in the bullion market due to concerns over a possible increase in import duty. Currently set at 6%, any hike in this duty could further drive up prices. This anticipation has led to a sharp rise in gold rates. Additionally, gold prices hit a new high on MCX during Friday morning trade, supported by gains in global markets. The uncertainty surrounding former US President Donald Trump's tariff policy has also contributed to the surge in global gold prices.