Gold Prices Continue to Fall Ahead of Dhanteras, Diwali; Demand Likely to Increase
- Gold and silver prices surged in Delhi's bullion market on Wednesday ahead of Dhanteras, with gold of 99.9 per cent purity rising Rs 4,800 to Rs 1,46,600 per 10 grams and silver climbing Rs 9,000 to Rs 1.93 lakh per kg.
- Global markets drove this recovery, with spot gold rising 3 per cent to $4,043.93 per ounce, moving back above the $4,000 mark, while silver gained 4.5 per cent to reach $52.03 per ounce.
- Mirae Asset Sharekhan's Praveen Singh attributed the price support to a weakening US dollar following the Democratic Party's midterm victory, while HDFC Securities analyst Soumil Gandhi noted increased festive buying in India fueled the gains.
- Rajiv Sharan, research head at Brickwork Ratings, observed that gold prices had dropped 8 per cent from their October peak, though they have risen 5 to 7 per cent since the previous festive season.
- Prices had increased by around 65 per cent year-on-year by last Dhanteras, highlighting the long-term upward trend despite traders booking profits earlier amid broader market pressures.
31 Articles
31 Articles
Gold jumps Rs 4,800 per 10 g, silver surges Rs 9,000 per kg ahead of Dhanteras
Gold prices in Delhi jumped Rs 4,800 to Rs 1,46,600 per 10 grams ahead of Dhanteras, while silver surged Rs 9,000 to Rs 1.93 lakh per kg. Festive demand and a strong recovery in global markets supported the rally.
Gold and silver prices correct ahead of Diwali: Buying opportunity or a trap?
Gold and silver have corrected sharply from record highs, but their long-term fundamentals remain supportive. Investors with a longer horizon may consider staggered accumulation, with gold and silver potentially recovering toward $4,750 and $75, respectively, by Diwali 2027.
Gold, silver lose shine ahead of Dhanteras: Buy now, wait or invest in something else?
As Dhanteras nears, Indian consumers are closely monitoring the recent drop in gold and silver prices, scrutinizing how this volatility might influence future values. Financial experts advise buyers to assess their personal needs and investment objectives before making any purchases. With more price changes anticipated in the months ahead, a gradual buying approach is recommended to handle potential risks effectively, ensuring that purchases ref…
Gold and Silver Rates Fall Today: Gold and silver have become cheaper again. Following Monday's surge, the price of 1 kg of silver fell below ₹1.80 lakh as soon as futures trading began on MCX on Tuesday. The price of gold also plummeted.
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