Where Do Gold Prices Stand Day After Record Hike On Dhanteras

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Where Do Gold Prices Stand Day After Record Hike On DhanterasThe price of 24-carat gold has fallen to Rs 80,633 for 10 grams in Delhi a day after Dhanteras. The marginal dip came after a significant hike, driven by heavy consumer demand during the Diwali week, which saw gold reach as high as Rs 81,400 per 10 grams on Tuesday. Silver prices saw a notable rise in the national capital, climbing to Rs 1,02,200 per kg from Tuesday's Rs 99,700 per kg. This year, many buyers opted for silver coins as a more affordable option than traditional gold.

City-wise prices of Gold and Silver

Delhi:

• Gold (24K): Rs 80,633 per 10 grams
• Silver: Rs 1,02,200 per kg

Chennai:

• Gold (24K): Rs 80,481 per 10 grams
• Silver: Rs 1,10,800 per kg

Mumbai:

• Gold (24K): Rs 80,487 per 10 grams
• Silver: Rs 1,01,500 per kg

Kolkata:

• Gold (24K): Rs 80,485 per 10 grams
• Silver: Rs 1,03,000 per kg

Bangalore:

• Gold (24K): Rs 80,475 per 10 grams
• Silver: Rs 1,02,200 per kg

Market Highlights:

• Gold Price: The rise in gold prices has been significant, especially for 99.5 per cent purity gold, which increased by Rs 300, nearing its record levels. On Tuesday, gold closed at Rs 81,100 for 99.9 per cent purity and Rs 80,700 for 99.5 per cent purity.
• Silver Price: Silver closed at Rs 99,700 per kg.
• Futures Market Activity: On the Multi Commodity Exchange (MCX), gold contracts for December delivery rose by Rs 1,78, or 0.23 per cent, to Rs 78,744 per 10 grams. Silver contracts also gained ground, rising by Rs 786, or 0.81 per cent, to Rs 98,210 per kg.

Market analysts noted that the Dhanteras festivities have created a buoyant atmosphere in the gold and silver markets. Jateen Trivedi, VP Research Analyst at LKP Securities, said the auspicious occasion has driven more purchases, with gold prices holding steady above Rs 80,000 in the physical jewellery market.

Saumil Gandhi, Senior Analyst at HDFC Securities, pointed out that global factors, including uncertainties surrounding the US presidential election and rising debt levels, have increased safe-haven demand for gold.