Gold & Silver soar ahead of Dhanteras, prices hit record highs; Details here

If you are planning to purchase gold and silver before Dhanteras and Diwali, it may be beneficial to make an early decision. Prices are changing rapidly every day, and further increases are expected.

New Delhi: With the start of the festive season, gold and silver prices have been steadily rising. Especially ahead of Dhanteras and Diwali, gold and silver prices have reached all-time highs. On October 16th, both gold and silver prices also saw an increase. The new prices have been implemented in the bullion markets of major cities in Madhya Pradesh, such as Bhopal, Indore, Ujjain, Gwalior, and Jabalpur.

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22-carat gold becomes costlier by Rs 200

According to Bankbazaar.com, 22-carat gold prices saw another increase on Thursday, 16 October.

1 gram of 22-carat gold: Rs 11,860 (yesterday Rs 11,840)

8 grams of gold: Rs 94,880 (yesterday ₹94,720)

10 grams of gold: Rs 1,18,600 (yesterday Rs 1,18,400)

This clearly shows that 10 grams of 22-carat gold has become more expensive by Rs 200 in just one day.

24-carat gold prices also increased

The price of high-purity 24-carat gold also saw a rise today.

1 gram of 24-carat gold: Rs 12,453 (yesterday Rs 12,432)

8 grams: Rs 99,624 (yesterday ₹99,456)

10 grams: Rs 1,24,530 (yesterday ₹1,24,320)

That is, 24-carat gold has also seen an increase of Rs 210 per 10 grams.

Silver Also Became More Expensive

Silver prices have been steadily rising over the past week. In October, silver broke all previous records and has now reached an all-time high. Silver prices are also steadily rising due to increasing industrial demand and pressure on the global supply chain.

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Why Are Prices Rising?

In addition to festive demand, instability in global markets, fluctuations in dollar prices, crude oil prices, and geopolitical tensions have also contributed to the rise in gold and silver prices. Industrial demand and limited supply are also contributing to the price increase.

Alert for Investors And Consumers

If you are planning to purchase gold and silver before Dhanteras and Diwali, it may be beneficial to make an early decision. Prices are changing rapidly every day, and further increases are expected.

Gold and silver prices saw another surge on October 16th. The impact of the festive season, increased demand, and global market conditions is now clearly visible in the local markets. If you are planning a purchase, delaying could prove costly.