After a slight decline on Dhanteras and a slight recovery on Naraka Chaturdashi (Img: Pinterest)
Mumbai: Gold and silver prices remained stable in the bullion market on the auspicious occasion of Diwali. After a slight decline on Dhanteras and a slight recovery on Naraka Chaturdashi, prices remained stable on Diwali day.
Gold prices saw a significant decline on Dhanteras on November 6th. The price of 24 carat gold fell by Rs2,560, while the price of 22 carat gold fell by Rs 2,350 per 10 grams. However, the following day, on 'Chhoti Diwali', a slight recovery was seen, with the price of 24 carat gold rising by Rs 110 and the price of 22 carat gold rising by Rs 100. Prices remained stable on Diwali day.
The new prices for 10 grams of gold in 10 major cities across the country are as follows:
Gold prices varied slightly across major cities in India. In Delhi, the rate of 24 carat gold was Rs 1,43,600 per 10 grams, while the rate of 22 carat gold was Rs 1,31,750 and the rate of 18 carat gold was Rs 1,07,830. In Mumbai, Kolkata, Bengaluru and Hyderabad, the rate of 24 carat gold was Rs 1,43,570 per 10 grams. In these cities, the rate of 22 carat gold was Rs 1,31,600, while 18 carat gold was available for Rs 1,07,680. In Chennai, 24 carat gold was recorded at Rs 1,43,570, 22 carat gold at Rs 1,31,160 and 18 carat gold at Rs 1,07,680 per 10 grams.
Similar rates were seen in other cities, including Lucknow and Jaipur, where 24 carat gold was priced at Rs 1,43,720 and Rs 1,43,600, respectively. 22 carat and 18 carat gold were priced at Rs 1,31,750 and Rs 1,07,830 per 10 grams, respectively. In Patna and Ahmedabad, 24 carat gold was priced at Rs 1,43,620, while 22 carat and 18 carat gold were priced at Rs 1,31,650 and Rs 1,07,730, respectively.
Silver prices remain a key factor for buyers and investors, as market movements across the country influence purchasing decisions.
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Silver prices have been fluctuating continuously for the past few days. The price of a kilogram of silver has fallen by a total of Rs 5,000 in the last 11 days. After a Rs 5,000 drop on October 23, prices remained stable for five consecutive days before falling by Rs 20,000 in three days between October 29 and October 31.
Following this, the market remained stable for four days before prices rose by Rs 10,000 on November 5. However, the very next day Dhanteras silver prices fell again by Rs 5,000. Since then, and until today Diwali prices have remained stable. Currently, the price of a kilogram of silver in major cities like Delhi, Mumbai, Chennai, and Kolkata is Rs 2,05,000.
How were sales this Dhanteras? Dhanteras is considered the most auspicious day to buy gold and silver, and jewelers wait for this festival all year. While the overall value of the business has increased due to high demand this festive season, actual sales have remained low.
According to media reports, initial estimates of gold trading across the country on Dhanteras are approximately Rs 60,000 crore. However, due to high gold and silver prices, customer purchases remained roughly the same as last year.
