Gold prices moved higher across major Indian cities (Img: Pinterest)
New Delhi: Gold prices moved higher across major Indian cities on November 5, just a day before Dhanteras, while silver witnessed a decline, offering some relief to buyers. The rise in gold prices comes amid festive demand and improving global market trends.
Gold markets witnessed renewed momentum ahead of the festive buying season. In Delhi, the price of 24-carat gold climbed to Rs 1,42,960 per 10 grams, while 22-carat gold was quoted at Rs 1,31,060 per 10 grams.
Mumbai and Kolkata recorded a 24-carat gold price of Rs 1,42,810 per 10 grams. In Chennai, the rate stood at Rs 1,42,920 per 10 grams.
Other major cities, including Jaipur, Lucknow and Chandigarh, reported 24-carat gold prices at Rs 1,42,960 per 10 grams, matching Delhi's rate.
Gold and silver prices today (Img: Pinterest)
The latest increase in gold prices is being driven by stronger festive demand and positive movements in international markets.
Spot gold was trading at $4,059.95 per ounce. A decline in the US dollar following the Democrats' strong performance in the US midterm elections also supported the yellow metal, making gold more attractive in global markets.
Market experts believe international developments, currency movements and seasonal demand will continue to influence domestic gold prices.
Despite the latest increase, gold's price movement has been relatively moderate compared with last year's festive season.
According to the reports, gold prices have increased by approximately 5-7% since the previous festive season. This is significantly lower than the nearly 65% annual jump recorded around last year's Dhanteras.
The relatively slower growth could offer some comfort to consumers planning jewellery purchases this festive season.
While gold gained ground, silver moved in the opposite direction.
On November 5, silver was priced at Rs 1,99,900 per kilogram in the domestic market. International spot silver was trading at $52.23 per ounce.
The current price is considerably below the metal's reported record high of Rs 4 lakh per kilogram reached in January this year.
With Dhanteras approaching, gold and silver prices remain important considerations for household buyers and investors. While gold has gained ahead of the festival, the decline in silver prices may attract buyers looking for alternative precious metal purchases.
Consumers should check local jeweller rates before purchasing, as final prices may vary depending on GST, making charges and local market conditions.
