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- Gold price today (April 16); What is the price of gold and silver today? business news
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Gold reached an all-time high today, that is on April 16. According to the website of the Indian Bullion and Jewelers Association (IBJA), 10 grams of gold became dearer by 701 to 73,514 rupees during the trade on Tuesday. However, at the close of trade, the price of gold stood at Rs 73,302 up by Rs 489. Gold prices rose by 4,639 rupees in the 16 days since tensions between Israel and Iran began on April 1.
Money also saw an increase today. The price of one kg of silver rose by Rs 180 to Rs 83,632. However, at the close of trade, silver fell by Rs 239 to Rs 83,213. Earlier on April 12, silver had touched a high of Rs 83,819. According to experts, it may that there will be another increase in their prices in the coming days.
The tensions between Israel and Iran began on April 1. So the price of gold was 68,663. Now, that is on April 16, its price has reached Rs 73,302 per 10 grams. That means it has become more expensive by Rs 4,639 in just 16 days. Due to the tensions between Israel and Iran, another increase in the price of gold may be seen.
What was the trend of gold and silver during the wars and recession in recent years?
Gold prices have always seen a rise during wars. There was a rise in gold prices during the Gulf War during 1990-91, but it was short-lived. Similarly, during the Iraq War in 2003, gold prices rose.
- Due to the Corona epidemic, a lockdown was imposed in other countries including India in March 2020. At that time the price of 10 grams of gold was around 41,000 rupees. By August, prices had risen to around Rs 55,000. However, later there was a decline and the prices came below Rs 50,000.
- Gold also rose during the Russia-Ukraine war. The Russia-Ukraine war started on 24 February 2022. On 7 March 2022, gold prices rose by almost ₹1000/10 grams. The price of 22 carat gold was ₹49,400/10 gm and the price of 24 carat gold was ₹53,890/10 gm.
- The Israel-Hamas war began on October 7, 2023. At that time, the price of gold was around 57,000 rupees. By November 1, the price had risen to nearly Rs 61,000. While on January 1 the price was Rs 63,000 and now the price of 10 grams of gold has crossed Rs 73,300.
Gold can reach 75 thousand and silver can reach 1 lakh
According to market experts, you may see a rise in gold prices in the coming days. Due to this, by the end of this year, gold can reach 75 thousand rupees per 10 grams.
Brokerage company Motilal Oswal estimates that the money will see an increase in the coming months. The brokerage firm said in the report that we recommend investing in the money and in the medium to long term it could reach Rs 92,000 and then to Rs 1 lakh. The firm advised further investment regarding further losses towards Rs 75,000.
Gold prices rose by Rs 9,950 in 3 and a half months
So far this year, the price of gold has risen by Rs 9,950 in just 3 months. On January 1, gold was Rs 63,352. It reached Rs 73,302 from Rs 63,352 per gram. While silver also increased from 73,705 rupees per kg to 83,213 rupees per kg.
Why do gold and silver prices rise in situations like war or recession?
Any war can spoil geopolitical equations. could disrupt global supply chains, increase inflation and reduce public confidence in financial instruments. In such a situation, many people and even governments increase gold in their portfolio. Prices are rising due to an increase in demand
