Gold And Silver Prices Fluctuate As Dhanteras Approaches—Check Rates

As the festive season draws near, particularly with Dhanteras just around the corner, gold and silver prices in India are experiencing notable fluctuations. As of Friday, gold is trading at Rs 78,060 per 10 grams, according to the India Bullion and Jewellers Association Ltd (IBJA). This slight dip comes as both metals have been hovering near their all-time highs, driven by traditional demand during this auspicious buying period.

The Dhanteras festival marks the beginning of Diwali celebrations, and it is customary for many to purchase gold and silver as a symbol of prosperity and good fortune. As a result, demand for these precious metals typically spikes in the weeks leading up to the festival.

Currently, the price of silver has also seen a drop, trading at Rs 96,970 per kilogram. This marks a decrease of over Rs 3,000 from Tuesday's price of Rs 1,00,270.

The fluctuations in gold and silver prices are heavily influenced by the upcoming wedding season also, which further fuels demand from local jewellers as they prepare to stock up for the festivities. The average price of 22K gold stands at Rs 71,510, while the 24K variety is priced at Rs 78,060. Prices can vary across regions; for instance, in Delhi, 10 grams of 24K gold is priced at Rs 78,150, while in Jaipur, it reaches Rs 78,270, and in Chennai, the price is slightly higher at Rs 78,510, as per India Bullion.

For silver, the average price per kilogram is approximately Rs 97,030, with minor regional variations. In Chennai and Hyderabad, silver prices are at Rs 97,140 and Rs 96,930, respectively, while in Delhi and Mumbai, they stand at Rs 96,610 and Rs 96,770.

The current market dynamics are also shaped by rising inflation, which has made gold a more attractive investment option. Additionally, geopolitical tensions, particularly in West Asia, have led to increased safe-haven buying of precious metals.

Fluctuations in gold and silver prices are influenced by a range of factors, including global demand trends, currency valuations, interest rates, and government policies on gold trade. Broader macroeconomic conditions, including the overall health of the world economy and the strength of the US dollar, also play significant roles in determining prices in the Indian market.