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Gold and silver prices reached new all-time highs. India Bullion and Jewellers Association, which you know as IBJA. According to that, 10 grams of 24 carat gold increased from ₹1449 to ₹1693. Earlier it was around ₹115,000. Silver also increased by ₹680 to reach ₹1,45,60 per kg. Now the prices of commodities are at an all-time high.
But there are differences of opinion among market experts on these prices. Speaking to Business Standard, Jem Rogers, chairman of Rogers Holdings, said that in many countries around the world, trust in paper money, i.e. currency notes, is waning and people are turning to real assets like gold, silver and copper.
That means we are talking about real commodities, real money, real assets. He says that this has always been seen in history and it will continue in the future also. That means Rajar Sahab is seen repeating the issue of continuity. At the same time, Praveen Sir, Chief Investment Strategist of ICICI Piden Mutual Fund, S Narendra has warned the investors.
He said that running after gold and silver can prove to be harmful for you. Especially when their prices have already increased a lot. Sir, I again have the same dilemmatic question for you: whose point of view should I understand and accept ? I want to understand from you. First of all, Sir, please give your opening remarks regarding the overall commodities market.
Why is there a surge, sir? The uncertainty around the world has pushed up the prices of these commodities. It is a very basic concept and people's trust in the markets is actually gradually increasing. And all the great experts and investors from all over the world, Jim Rogers are also saying that they also have assets like gold and silver.
Similarly, if you talk about American Robert Kasaki, he repeatedly says that Bitcoin is also included in his list. Bitcoin is also Gold Silver Bitcoin these are the three asset classes. So, broadly speaking, what I understand is that the way the stock markets have given negative returns in the last one and a half years, at least if we talk about the Indian stock market, they have given negative returns and in comparison to that, if you look at gold, then this year the return of gold is around 40-42%.
There may be more returns Sir, this year the price of gold has increased by about ₹40741. Yes, if we talk about silver, it has increased by ₹5943. Yes, you should understand that there has been a huge increase in the prices of both gold and silver. And the global uncertainties have inspired a whole section of investors to leave bonds, debt or stocks and invest their money directly in gold.
The demand for gold or silver is bound to increase. Be it jewellery or industrial use, you can get higher returns from there. And this trend was seen in India also because now the data is current. You should understand that the gold imports in India in September are expected to be almost double compared to August.
Sir, you are talking about the data of RBI, right? Absolutely, the data that has come regarding slip deficit and along with that, the data regarding gold import, you should also understand that in August, around 64 tonnes of gold was imported and 410 tonnes of silver was imported. So its data is double.
The figure is in September. Yes. And this is happening when gold prices are so high. Silver prices are so high. This means that there is no decrease in demand. Be it jewellery or any other demand. But Sir, you mentioned Central Banks. You are talking about your country that the central bank of the country, RBI, is doing this.
But the central banks around the world are also buying gold in abundance. It is not just about the central bank. This is the overall gold that has been produced in the country. But sir, please talk about central banks also. What is the logic behind that? Why are n't central banks around the world moving away from the dollar?
Americans are moving away from the Treasury. Trust in America or trust in the dollar and especially the way China has stored gold on a massive scale. I have purchased gold here. This led to a rise in gold prices worldwide. In India also, the Reserve Bank is continuously purchasing gold. Gradually, major economies around the world are distancing themselves from the dollar.
And people are continuously investing their money in a safe haven which is considered a strong asset class. If you look at the last 5-7-8 years, India imports between 600-650 tonnes to 1000 tonnes annually. Currently, RBI has approximately 879.58 metric tonnes of gold, sir. And if we talk about this year, till May, RBI had purchased 28 tonnes of gold.
So if we look at the total gold India currently has, it has 2580 tonnes. Another argument being given behind this is that there is approximately 25,000 tonnes of gold in Indian homes. We had discussed many reports in Money Central as well and I also remember the words of Uday Kotak sir who was seen saying that Indian women are the best financial managers and they have a very good knowledge without any expertise, they know where to make money.
If you comment on this, what S Narendra sir is saying is that if you buy at this high price then it may prove to be a disaster in the long term. Yes, I have a little difference of opinion or should I say difference of opinion regarding this. I feel that the way we see the demand for gold right now, in the past it might have happened that gold might have reached a high level and then there was a sharp fall.
But if we look at the recent years, we have consistently seen that gold has been rising at a steady pace. Yes, and a big reason behind this is that central banks like RBI all over the world are constantly asking, what is the real issue? The scenario has changed all over the world. Yes, there was a time when gold, silver and the market started moving together.
The theory that was called deep coupling was that earlier it was said that sir, if gold is rising then the market will go down. If the market goes up, gold will go down. But now what happened was that the theory of decoupling ended. Now both of them went up together. So now the world has actually completely changed.
Now even when the markets are falling, gold is rising. Even when the markets are rising, gold is still moving. In a recent report of Golden Sachs, it has also been said that by next year, gold will be seen going up to $5000 per ounce and many commodity experts are saying that the level of 1.5 lakh, which is the psychological level which we read in the charts, sir, will also be crossed and it is being said that gold will be seen going up to 1 lakh 55000 sir.
So, by Dhanteras, we feel that gold will be out of the reach of the common man and the middle class. No hands-on gold, apparently people have to tweet their shopping habits. Jewellers are having to change the way they make jewellery. More alloy has to be added to it. Carats have to be reduced. Gold and, in fact, reality can be seen as a benchmark in particular.
In reality, it is believed that the way prices are shooting, they can crash anytime. Because there is a lot of sentimental value in that market and on that basis the prices increase. This is not actually the case with gold. Gold prices are rising at a rapid pace across the world. It is not that gold is rising in India, it is down in America or it is down in international markets or gold has fallen in international markets in a year.
Gold has gone up in India in one year. So gold is rising simultaneously across the world and the reason for this is that India imports a large part of it. First and secondly, the demand for gold has remained strong across the world. And sir, you have added fuel to the fire. This Trump factor and the way the Trump tariffs and this issue came up and the Russia-Ukraine issue is still going on, sir, and if we talk about all the global economies, then some wars are being seen there too.
So let's see how far it will go because market experts are saying that even the level of Rs 1.5 lakh will be crossed. So now decide as per your convenience where and how to buy it.
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