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NRIPage | Articles | Gold and Silver Prices Fluctuate Ahead of Dhanteras: What Buyers Need to Know | Get Indian Desi Latest Political News & Updates in USA. Get domestic, republic government updates - NRI Page
With the festive season fast approaching, particularly the auspicious occasion of Dhanteras, gold and silver prices in India are showing notable fluctuations. As of Friday, gold is trading at ₹78,060 per 10 grams, according to the India Bullion and Jewellers Association Ltd (IBJA). This slight dip occurs as both metals hover near their all-time highs, spurred by traditional demand during this significant buying period.
Dhanteras and its Significance: Dhanteras marks the beginning of Diwali celebrations, a time when purchasing gold and silver is seen as a symbol of prosperity and good fortune. Consequently, demand for these precious metals typically surges in the weeks leading up to the festival.
Current Pricing Trends:
Gold Prices: The average price of 22K gold stands at ₹71,510, while the 24K variety is priced at ₹78,060. Regional prices vary; in Delhi, 10 grams of 24K gold is priced at ₹78,150, whereas in Jaipur, it reaches ₹78,270, and in Chennai, it is slightly higher at ₹78,510.
Silver Prices: Silver is currently trading at ₹96,970 per kilogram, a decrease of over ₹3,000 from Tuesday's price of ₹1,00,270. The average price per kilogram is approximately ₹97,030, with minor regional variations. In Chennai and Hyderabad, silver prices are at ₹97,140 and ₹96,930, respectively.
Factors Influencing Price Fluctuations:
Seasonal Demand: The upcoming wedding season further fuels demand from local jewellers, who prepare to stock up for the festivities.
Inflation: Rising inflation has made gold a more attractive investment option.
Geopolitical Tensions: Uncertainties, especially in West Asia, have led to increased safe-haven buying of precious metals.
Global Market Dynamics: Prices are also influenced by global demand trends, currency valuations, interest rates, and government policies on gold trade.
Investment Considerations: As buyers prepare for Dhanteras, understanding the current market dynamics and price fluctuations can help in making informed purchasing decisions. It's advisable to consider both immediate needs and potential long-term investments in gold and silver, given their historical significance and potential for value appreciation.
