India is celebrating Dhanteras today, a day considered highly auspicious for buying gold and silver. But this year, the festive shine comes at a premium. Gold prices have surged to record highs across the country, setting new benchmarks in major cities like Delhi and Mumbai.
On Dhanteras morning, even before the new rates are announced at 12 noon, gold jumped by Rs 3,200, reaching a record Rs 1,34,800 per 10 grams. According to the Indian Bullion & Jewellers Association, strong festive buying by the Sarrafa market and retailers has kept gold prices climbing in Delhi.
However, according to the India Bullion, by 10:50 am, the price had eased slightly to Rs 1,27,550 per 10 grams.
Meanwhile, according to a report in NDTV India, silver has seen a decline of Rs 7,000.
Gold And Silver Trends Leading To Diwali
Traders in the Sarrafa market noted that jewellers have increased purchases in anticipation of higher sales during Dhanteras and the Diwali festival. With rising customer demand expected, gold prices have continued to climb, a trend likely to persist throughout the day. Precious metals remain auspicious purchases during this period. Apart from the festive and wedding season, demand from investors and central banks worldwide, including the Reserve Bank of India, has contributed to sustained gold price strength.
Gold Could Reach Rs 1.5 Lakh
Bullion experts have suggested that strong demand may push gold prices even higher, with potential to reach around Rs 1.5 lakh by the end of October. Factors such as the US government shutdown weakening the dollar and geopolitical tensions like the Ukraine-Russia war have prompted investors and central banks to acquire gold. Uncertainty in the US economy and possible interest rate cuts have also increased investor interest in the metal. In this climate of uncertainty, gold's rapid rise is expected to continue.
Silver Prices Decline
Silver, on the other hand, has seen a decline of Rs 7,000, dropping to Rs 1,77,000 per kilogram, according to NDTV India. By 10:50 am on October 18, India Bullion reported silver trading at Rs 1,57,590 per kilogram. This dip offers some relief for buyers looking to buy silver items, including Ganesh-Lakshmi coins, silver coins or utensils.
Gold Prices In Major Cities
Delhi:
- 24 Carat: Rs 1,32,930
- 22 Carat: Rs 1,21,860
Mumbai:
- 24 Carat: Rs 1,32,780
- 22 Carat: Rs 1,21,710
Kolkata:
- 24 Carat: Rs 1,32,780
- 22 Carat: Rs 1,21,710
Lucknow:
- 24 Carat: Rs 1,32,930
- 22 Carat: Rs 1,21,860
Noida:
- 24 Carat: Rs 1,32,930
- 22 Carat: Rs 1,21,860
