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Gold prices in India continued to rise for the third consecutive day ahead of Christmas. Both gold and silver witnessed strong gains across major cities. Analysts remain bullish on gold, with global experts predicting a massive rally by the end of the decade.
Gold and Silver Shine as Festive Demand Lifts Prices
New Delhi: Just one day before Christmas, gold and silver prices in the country have seen a sharp increase. Gold prices have risen for the third consecutive day. After two days of stability, gold prices have picked up pace again today. In the capital Delhi, 24-karat and 22-karat gold have become ₹10 more expensive per 10 grams.
In the last three days, the price of 24-karat gold has increased by up to ₹4,380 per 10 grams, while 22-karat gold has become ₹4,010 more expensive. Strong demand for gold continues due to the festive season and positive signals from global markets.
Gold prices climb again, Silver shines for second straight day across India
There is a slight difference in the prices of 24, 22, and 18-karat gold in the major metropolitan cities of the country. In Delhi and Lucknow, 24-karat gold is selling at ₹1,38,710 per 10 grams. In Mumbai, Kolkata, Bengaluru, and Hyderabad, the price is recorded at ₹1,38,560 per 10 grams. Gold is most expensive in Chennai, where 24-karat gold has reached ₹1,39,320 per 10 grams. Regarding 22-karat gold, it is at ₹1,27,160 per 10 grams in Delhi, Jaipur, and Lucknow, while 18-karat gold is selling at ₹1,04,070 per 10 grams in these cities.
Along with gold, silver prices are also showing strength. After a day of stability, silver prices in Delhi have increased by up to ₹9,100 per kilogram in the last three days. Today, December 24, silver is selling at ₹2,23,100 per kilogram in Delhi, which is ₹100 more expensive today.
In other metropolitan cities, silver is also at ₹2,23,100 per kilogram in Mumbai and Kolkata. However, silver is most expensive in Chennai, where its price was recorded at ₹2,34,100 per kilogram. Silver prices are being supported by industrial demand and strength in international markets.
Globally, extremely bullish predictions are emerging regarding gold prices. Ed Yardeni, a renowned American economist and market strategist, believes that gold could witness a historic surge by the end of this decade. According to Ed Yardeni, President of Yardeni Research, the price of gold could reach $10,000 per ounce in the international market by 2029.
Gold prices slip on first day of the week, Silver also declines; Check rates here
Currently, gold is trading at around $4,400 per ounce on COMEX in New York. If it rises by 127% by 2029, as predicted, the price of gold in the Indian market could cross ₹3 lakh per 10 grams. Yardeni says that gold continues to play a very important role in investment portfolios, and major rallies often go far beyond investors' expectations.
