Gold reached 57 thousand 362 rupees, by the end of the year the price can go up to 64 thousand rupees

In the first month of the year i.e. January, the brightness of gold is continuously increasing and as a result of this, it is continuously making price records. Today, on Tuesday, gold has again created a new all-time high. According to the website of the India Bullion and Jewelers Association (IBJA), on January 24, gold became costlier by Rs 312 in the bullion market and reached Rs 57 thousand 362 per 10 grams. Earlier, gold had made a high on January 20, which was 57 thousand 50 rupees.
So far in the month of January, gold has become costlier by Rs 2,427. At the beginning of this month, it was at Rs 54 thousand 935, which has now reached Rs 57 thousand 362 per 10 grams. By the end of the year, it can go up to 64 thousand.
Talking about silver, its price has seen a decline today. In the bullion market, it has weakened by Rs 267 to Rs 68 thousand 6 per kg. On January 23, it was at 68 thousand 273 thousand.
Amid economic uncertainty, central banks around the world like RBI have increased gold reserves. According to Ajay Kedia, director of Kedia Advisory, increasing the purchase of gold by central banks is a positive sign. This will support gold prices. Ajay Kedia said that by the end of 2023, gold can reach up to Rs 64,000.
India (611 tonnes annually) is the second largest consumer of gold jewellery in the world after China (673 tonnes annually). These figures have been revealed in the latest report of the World Gold Council. According to this, bangles and chains account for the highest 60% share in jewelry sales in India.
The necklace may be behind in this list by 15-20%, but it is at the forefront in terms of weight. The weight of bangles and chains is mostly 10 to 15 grams, while most the necklaces are 30 to 60 grams. On average, earrings and rings made in 3 to 7 grams have a market share of 10-20%.