Gold jumps by Rs 4800 and silver crosses 1.93 lakh ahead of Dhanteras - Latest Key Updates

Precious metal prices have witnessed a massive surge in the national capital Delhi ahead of Dhanteras. On Wednesday, gold became costlier by 4,800 rupees to reach 1,46,600 rupees per 10 grams. Meanwhile, silver has also jumped by 9,000 rupees. With the festive season beginning, vibrancy has returned to Indian markets. Particularly just before Dhanteras, crowds of customers have started increasing in jewelry showrooms. Amidst this, if you're also preparing to buy gold or silver this festival, this news is going to have a direct impact on your budget. After a few weeks of sluggishness, sudden major movement has been witnessed in the bullion market. Along with increased demand from local jewelers, strong cues from foreign markets have pushed the prices of precious metals Importantly higher in one go.

New rates of gold and silver in Delhi

9 percent purity gold in the national capital Delhi on Wednesday. Gold, which closed at 1,41,800 rupees per 10 grams on Tuesday, has now reached the level of 1,46,600 rupees per 10 grams inclusive of all taxes. Not only gold, but silver has also shocked buyers. The price of silver has witnessed a massive surge of 9,000 rupees in a single day. 93 lakh rupees per kilogram inclusive of all taxes.

Why did gold and silver become expensive suddenly

Both domestic and global reasons are responsible for this spurt in prices. Soumitra Gandhi, Senior Commodities Analyst at HDFC Securities, says that apart from a strong recovery in foreign markets, increased festive demand in the country has supported gold, while on the other hand, according to Rajeev Charan, Research Head at Brickwork Ratings, this surge in prices can also provide some relief to festival shoppers. Actually, gold prices had declined by about 8 percent from their peak in October. At that time, due to the strengthening of the US dollar, rising bond yields, and lower expectations of interest rate cuts by the Federal Reserve, traders had taken profits, which caused prices to fall.

Rajeev Charan also shared an important point that in the last Dhanteras, gold prices had increased by about 65 percent on an annual basis. But this time, compared to the last festive season, prices have increased by only 5 to 7 percent. This is showing ordinary customers a slight stability in market prices.

Impact of US elections and global market trends

Looking at foreign markets, there is tremendous boom in gold and silver there as well. 93 US dollars per ounce. Thus gold has once again crossed the crucial level of 4,000 dollars. 03 US dollars per ounce.

Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, has linked this surge to US politics. According to him, the dollar has weakened after the victory of Democrats in the US mid-term elections, which has strengthened precious metals. He stated that the control of Democrats over both houses of the US Congress could tighten regulatory scrutiny in the technology sector. Also, investment in data centers can slow down. This will have a direct negative impact on the US economy, which is working to push gold prices higher.