Delhi, 18 October (H.S.): The Indian bullion market witnessed a slight cooling of gold prices on the auspicious occasion of Dhanteras, following a record-breaking surge that saw the precious metal cross the ₹1.3 lakh mark per 10 grams for the first time in history. While prices eased from their peak on Saturday, they remained at historically high levels, fueled by strong festive demand and favorable global cues.
On Friday, a day before Dhanteras, 24-carat gold had jumped to a lifetime high, with some reports quoting prices as high as ₹1,34,800 per 10 grams. The surge was attributed to a combination of factors, including heightened investor concerns over US-China trade tensions, expectations of a US Federal Reserve rate cut, and robust seasonal buying for the festival of Diwali.
The value of the Reserve Bank of India’s gold reserves also crossed the $100 billion mark for the first time, buoyed by the global price rally.As of Saturday morning, October 18, there was a minor downward correction.
The price for 24-carat gold was quoted at ₹127,320 per 10 grams, reflecting a decrease of nearly 1% from the previous day’s close. The price for 22-carat gold, which is widely used for jewelry, stood at ₹1,16,710 per 10 grams .
Meanwhile, silver prices experienced volatility, with some reports indicating a retreat of more than 6% after a recent rally, as concerns over international trade friction eased slightly .Gold prices vary across different cities due to local taxes and market dynamics.
In major metropolitan areas, the rates for 10 grams of gold were as follows:
In Mumbai, 24-carat gold was priced at ₹94,504, while 22-carat gold was at ₹90,004.
In Delhi, the rate for 24-carat gold was ₹94,714, and 22-carat gold was ₹90,204.
In Chennai, 24-carat gold was quoted at ₹93,664, with 22-carat gold at ₹89,204.
In Kolkata, prices stood at ₹95,554 for 24-carat gold and ₹91,004 for 22-carat gold.
Despite the record-high prices, which may impact the total volume of sales, the festive spirit is expected to keep demand strong. The overall value of gold transactions is anticipated to remain high due to the elevated rates.
Market analysts suggest that gold’s rally may continue, supported by ongoing geopolitical uncertainties and global economic trends.
Hindusthan Samachar / Jun Sarkar
