Gold Price: Gold nears the ₹1.5 lakh mark; here’s how much the price has risen compared to last Dhanteras..
Gold Price: With the onset of the festive season, gold prices appear to be moving beyond the reach of the common man once again. Just ahead of Dhanteras—celebrated this Friday—and Diwali on Sunday, a sharp surge in gold prices has been recorded in the Delhi bullion market. Continuing its upward trend for the second consecutive day, the price of gold is now nearing the Rs 1.5 lakh mark. According to the All India Bullion Association, the price of 99.9% pure gold in Delhi jumped by Rs 2,200 on Thursday, reaching Rs 1,48,800 per 10 grams (inclusive of all taxes). A day earlier, on Wednesday, it had closed at Rs 1,46,600 per 10 grams.
Silver also nears the Rs 2 lakh mark.
It is not just gold; the rising cost of silver is also weighing heavily on buyers' pockets. Silver prices continued their upward climb on Thursday, surging by Rs 1,500 to reach Rs 1,94,500 per kilogram (inclusive of all taxes). In the previous trading session, the price of silver stood at Rs 1,93,000 per kilogram. Market traders note that Dhanteras is considered the most auspicious day for purchasing precious metals. Consequently, jewelers, retailers, and stockists have significantly ramped up their procurement ahead of the festival. Furthermore, growing investment demand has also fueled this market trend.
How much more expensive is gold compared to last Dhanteras?
A look at last year’s figures reveals the magnitude of this surge in the price of precious metals. When Dhanteras was celebrated last year on October 18, the price of gold was Rs 1,32,400 per 10 grams. In other words, compared to last Dhanteras, gold has become more expensive by Rs 16,400 per 10 grams. As for silver, it was priced at Rs 1.7 lakh per kilogram last Dhanteras, and has now risen to Rs 1,94,500. According to Dhruv Joglekar, Assistant Fund Manager at Monarch PMS, the price of gold has increased by approximately 13% since last Dhanteras. In the domestic market, its price has hovered in the range of Rs 1.40 lakh to Rs 1.48 lakh per 10 grams. He noted that in a year marked by significant volatility, the returns generated by gold have proven to be far superior to standard benchmarks for capital preservation.
Gold in the International Market
Along with the domestic market, a sharp surge in the prices of gold and silver is also being witnessed in international markets. Globally, spot gold has jumped by 65.12 US dollars—an increase of about 2%—to reach 4,125.25 US dollars per ounce, successfully crossing the crucial 4,100-dollar mark. Meanwhile, in the international market, the price of silver has also risen by 1%, reaching 52.73 US dollars per ounce.
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