As the auspicious festival of Diwali approaches, gold prices across major cities in India have witnessed a significant surge, bringing joy to both buyers and sellers alike. This year, the demand for gold is particularly strong, reflecting the cultural significance of the metal during this festive season. Let’s delve into the latest trends and pricing details for gold as we gear up for Diwali celebrations.
Gold Prices on the Rise
On October 25, 2024, gold prices soared, with a notable increase across various karat ratings. Here’s a snapshot of the prices in major cities:
In Bangalore:
- 22K Gold:
- 100 grams: ₹7,29,500 (up by ₹1,000)
- 10 grams: ₹79,950 (up by ₹100)
- 24K Gold:
- 100 grams: ₹7,95,800 (up by ₹1,100)
- 10 grams: ₹79,580 (up by ₹110)
- 18K Gold:
- 100 grams: ₹5,96,900 (up by ₹800)
- 10 grams: ₹59,690 (up by ₹80)
In Delhi:
- 22K Gold:
- 100 grams: ₹7,31,000 (up by ₹1,000)
- 10 grams: ₹73,100 (up by ₹100)
- 24K Gold:
- 100 grams: ₹7,97,300 (up by ₹1,100)
- 10 grams: ₹79,730 (up by ₹110)
- 18K Gold:
- 100 grams: ₹5,98,100 (up by ₹800)
- 10 grams: ₹59,810 (up by ₹80)
These price increases illustrate the festive spirit, as many families prepare to purchase gold jewelry, coins, and other ornaments as part of their Diwali traditions.
What’s Driving the Price Surge?
The current uptick in gold prices is not only attributed to the festive demand but also reflects broader market trends. Despite some profit-booking seen in the international market, Indian gold prices remain near all-time highs, indicating strong domestic demand.
International Influences
Globally, gold prices eased slightly, with spot gold trading at approximately $2,730.09 per ounce. However, geopolitical tensions and a strong U.S. dollar have continued to drive interest in gold as a safe-haven asset. Investors are also closely monitoring U.S. bond yields, which have seen significant movements, affecting gold’s attractiveness.
Looking Ahead: Market Outlook
As Diwali approaches, analysts expect that gold will continue to be a favored investment choice among consumers. Rahul Kalantri, VP of Commodities at Mehta Equities, noted that despite recent profit-taking, ongoing geopolitical uncertainties and the trend towards de-dollarization support precious metals.
Support and Resistance Levels:
For those interested in trading or investing, key levels to watch in INR terms include:
- Gold Support: ₹77,550 – ₹77,340
- Gold Resistance: ₹78,060 – ₹78,240
- Silver Support: ₹96,240 – ₹95,550
- Silver Resistance: ₹97,980 – ₹98,750
Conclusion
The festive season of Diwali brings with it a renewed enthusiasm for gold in India. As families look to invest in this precious metal, prices are likely to remain elevated, reflecting both cultural significance and market dynamics. Whether you’re looking to buy gold for personal use or as an investment, staying informed about price trends and market factors is essential in making the right decision.
This Diwali, let’s celebrate with the brilliance of gold and the joy it brings to our traditions and lives!
Disclaimer
The information provided in this blog is for informational purposes only and should not be considered financial or investment advice. Gold prices are subject to market fluctuations and can change rapidly. Readers are encouraged to conduct their own research or consult with a financial advisor before making any investment decisions. The author and publisher of this blog are not responsible for any financial losses or gains that may result from actions taken based on the information provided herein.
Leave a Reply