Gold prices remain elevated on Dhanteras
Gold prices have climbed by Rs.300 to reach Rs.81,400 per 10 grams in the national capital on Tuesday, approaching their all-time high, fueled by significant demand from jewellers and retailers ahead of Dhanteras, according to the All India Sarafa Association.
In addition to gold, silver also saw an uptick, rising by Rs.200 to Rs.99,700 per kg, driven by heightened interest from industrial units and coin manufacturers. The previous closing for silver was Rs.99,500 per kg.
Traders report a notable shift in consumer behavior, with silver coins becoming the preferred option for Dhanteras purchases, as many buyers opt for this alternative due to soaring gold prices. Gold with 99.5 percent purity rose by Rs.300, nearing its previous peak.
On Monday, gold of 99.9 percent and 99.5 percent purity had closed at Rs.81,100 and Rs.80,700 per 10 grams, respectively. In futures trade on the Multi Commodity Exchange (MCX), gold contracts for December delivery appreciated by Rs.178, or 0.23 percent, reaching Rs.78,744 per 10 grams.
“Gold prices on the MCX remained positive, with Dhanteras boosting enthusiasm for long positions. Increased buying activity on this auspicious day has contributed to prices surpassing Rs.80,000 in the physical jewellery market,” said Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities.
Silver contracts for December delivery also gained, bouncing R.786, or 0.81 percent, to reach Rs.98,210 per kg on the MCX.
Globally, Comex gold futures increased by 0.23 percent, hitting USD 2,762.20 per ounce. According to Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, gold is experiencing upward momentum amid concerns over the US presidential election and an escalating US debt crisis, which are fueling safe-haven demand.
Pranav Mer, VP – Research (Commodity & Currency) at BlinkX and JM Financial, noted that gold continues to trade positively, with buying activity observed at every minor correction over the past three trading sessions.
For all the latest updates, download PGurus App.
US & China investing in gold is the prime reason than Dhanteras festivity. It would be a joke, for in normal circumstances, if there is any breeze (cool or hot) in any part of world it is Indian stockmarkets crashing, how come or from when did world market is dancing to the tune to Indian festivities, unless one’s mind is clouded ?