Ahmedabad: Worrying news has surfaced for people preparing to buy gold and silver ahead of Dhanteras and Diwali. After seeing a decline in the prices of precious metals for the past few days, now the prices of gold and silver have seen a sudden sharp rise. Silver has gone up by ₹14,400 per kg in just two days, while gold prices have also increased by ₹7,770 per 10 grams. This surge in prices may disrupt the budget of customers who are planning to buy jewelery during the festival.
Gold price rises by ₹ 7,770 in two days
According to Multi Commodity Exchange (MCX) data, the price of gold on November 3 was ₹1,38,000 per 10 grams. Which has increased to ₹1,45,770 on November 5. That is, the price of gold has increased by ₹ 7,770 in just two days.
Silver has also seen higher growth than gold. Silver price was ₹1,76,000 per kg on November 3, which has increased to ₹1,90,400 on November 5. Thus, silver has become expensive by ₹ 14,400 per kg in two days. On the other hand, the price of gold in the international market has touched around $4,140 per ounce.
Why the sudden rise in gold and silver prices?
According to the market reports, the dollar weakened after the victory of the Democrats in the US mid-term elections. A weaker dollar supported gold in the international market and increased its prices.
Apart from this, the sharp drop in Brent crude prices is also affecting the market conditions. The decline in crude oil prices has changed investor perceptions of inflation and global economic uncertainty. In such an environment, demand and prices of gold and silver have been supported.
24 and 22 carat gold prices in major cities of the country
As per the given figures, the indicative prices of gold in various cities of the country are as follows:
| city | 24 carats (10 grams) | 22 carats (10 grams) |
|---|---|---|
| Delhi | ₹1,42,960 | ₹1,31,060 |
| Mumbai | ₹1,42,810 | ₹1,30,910 |
| Chennai | ₹1,42,920 | ₹1,31,010 |
| Kolkata | ₹1,42,810 | ₹1,30,910 |
| Bengaluru | ₹1,42,810 | ₹1,30,910 |
| Hyderabad | ₹1,42,810 | ₹1,42,810 |
Keep these things in mind before buying gold on Dhanteras
Buying gold on Dhanteras day is considered auspicious. Therefore, the purchase of gold and silver in the market increases during this period. However, due to the sudden surge in prices in the last two days, consumers need to plan their purchases keeping in mind the budget.
Before buying, one should check the latest prices of gold and silver in one’s city. The prices mentioned here are indicative and do not include jewelry making charges, 3 percent GST and other applicable charges. So it is important to keep the final bill amount in mind while buying jewellery.