Gold Prices Skyrocket to All-Time High of Rs 1,34,800 per 10g Ahead of Dhanteras
Gold prices soared to an unprecedented level of Rs 1,34,800 per 10 grams in the national capital, marking a significant increase of Rs 3,200. This surge occurred on the eve of Dhanteras, a day celebrated in Hindu tradition for purchasing precious metals, as reported by the All India Sarafa Association.
Current Gold Prices Ahead of Dhanteras
On Friday, gold of 99.9% purity reached its all-time high, rising from the previous close of Rs 1,31,600 per 10 grams. Similarly, gold of 99.5% purity also increased by Rs 3,200, reaching Rs 1,34,200 per 10 grams (including all applicable taxes).
Festive Buying and Market Trends
The spike in gold prices can be attributed to robust buying activity from retailers and jewelers as they prepare for the festive season. Traders noted a sharp rise in demand as stockists anticipated higher sales during this period.
- Dhanteras is celebrated on Saturday, followed by Diwali on Monday.
- Gold’s price appreciation has also been supported by safe-haven buying from investors and central banks.
Market Sentiment and Economic Factors
Jewelry market analysts reported that gold continues its upward trend due to ongoing economic uncertainties. Jateen Trivedi, VP Research Analyst at LKP Securities, mentioned that the US government shutdown and a low dollar index support the movement toward gold as a safe investment.
Despite the surge in gold, silver prices fell sharply. Silver tumbled by Rs 7,000, settling at Rs 1,77,000 per kilogram, down from Rs 1,84,000 per kilogram previously.
Global Gold Market Insights
In the global market, spot gold prices decreased by 0.52%, settling at $4,303.73 per ounce after reaching a record high of $4,379.29 per ounce recently. Similarly, spot silver also experienced a decline, falling to $53.43 per ounce from a peak of $54.48 per ounce.
Experts warn that geopolitical tensions, particularly between the US and China, alongside concerns in the credit market, will significantly influence future price movements. They believe that the recent escalation in gold prices was driven by factors including geopolitical uncertainties and expectations of potential monetary easing by the US Federal Reserve.
Conclusion
As the festive season approaches, gold prices continue to draw attention. Analysts express a cautiously optimistic outlook, considering the mixed signals from the market.
