Gold crosses Rs 82000 for the first time on Diwali, prices rise due to strong demand

Diwali 2024: Before Diwali, the price of gold has reached a new all-time high. Due to strong demand, the price of gold in the bullion market of Delhi NCR has increased by Rs 1000 and reached a new historical high of Rs 82,400 per 10 grams.

According to All India Bullion Association, due to strong demand before Diwali, the price of gold of 99.9 percent purity in Delhi has increased by Rs 1,000 to reach a new peak of Rs 82,400 per 10 grams. Gold of 99.5 percent purity has also risen by Rs 1,000 to reach a historic high of Rs 82,000 per 10 grams. Earlier, on Dhanteras, October 29, 2024, gold of 99.9 percent and 99.5 percent purity had closed at Rs 81,400 and Rs 81,000 per 10 grams.

According to traders, the sharp rise in gold prices can be attributed to the huge purchases being made by local jewelers to meet the increasing demand during Diwali. Apart from this, the environment of uncertainty and global tension before the US Presidential elections is also a major reason for the rise in gold prices. In the last one year, gold prices have increased by 35 percent. On October 29, 2023, the price of gold was Rs 61,200 per 10 grams, which has now reached Rs 82,400 per 10 grams.

The price of silver has again crossed Rs 1 lakh. With a jump of Rs 1,300, silver reached Rs 1.01 lakh per kg, whereas in the last trading session its price was Rs 99,700 per kg. Silver prices have also increased by 36 percent in a year. On October 29 last year, the price of silver was Rs 74,000 per kg, which has now become Rs 1,01,000 per kg.

According to Manav Modi, Commodity Research Analyst, Motilal Oswal Financial Services Limited, due to increasing political uncertainty in America and Japan and signals regarding interest rates, people are investing in gold for safe investment.

read this also

World Gold Council: Due to rise in gold prices, demand will be lowest in last 4 years in 2024, investment in gold ETF increased