Gold Rate Today: 24K Nears Rs 80K, 22K at Rs 73K, Silver Crosses Rs 1 Lakh Ahead of Dhanteras

Gold rate today: With Diwali and Dhanteras just a week away, gold and silver prices have reached unprecedented highs across India. Families traditionally buy gold during this festive season, both as an investment and for gifting, and this year is no exception. The surge in demand, combined with global market conditions, has driven prices to new levels.

Gold prices in India continue to rise, with 24K gold now priced at Rs 79,650 per 10 grams, an all-time high. The price of 22K gold has also crossed the Rs 73,000 mark for the first time, reaching Rs 73,010 per 10 grams. Meanwhile, 18K gold is selling at Rs 59,740 per 10 grams.

The rise in gold prices is not limited to just one region. In major cities like Delhi, the price of 24K gold is just Rs 200 away from the Rs 80,000 mark, currently priced at Rs 79,800 per 10 grams. Similar prices have been observed in Vadodara and Ahmedabad at Rs 79,700 per 10 grams. In cities such as Chennai, Mumbai, Kerala , Kolkata, Bangalore, Hyderabad, and Pune, the price of 24K gold is Rs 79,650 per 10 grams.

Silver Prices Surge Past Rs 1 Lakh

Silver prices in India have also seen a sharp increase, with the current price of 1 kg of silver at Rs 1,01,100. In certain cities like Chennai, Hyderabad, and Kerala , silver is even higher, priced at Rs 1,09,100 per kg.

MCX Gold and Silver Prices

The Multi Commodity Exchange (MCX) witnessed a slight correction in gold and silver prices after reaching all-time highs. MCX gold futures dipped by Rs 9, closing at Rs 78,030 per 10 grams, after hitting a peak of Rs 78,460. Similarly, MCX silver futures fell by Rs 88, ending at Rs 97,360 per kg, after reaching a record high of Rs 98,598.

Global Market Trends: Spot Gold and US Gold Futures

In international markets, gold took a pause after surging to a record high on Monday. Spot gold was little changed at $2,723.25 per ounce, following an earlier high of $2,740.37. US gold futures settled 0.3% higher at $2,738.90. Higher US Treasury yields and a strong dollar have offset some of the support for gold amid ongoing geopolitical tensions, including the Middle East conflict and US election uncertainties.

Festive Demand and Geopolitical Tensions Driving Prices

The ongoing conflict in the Middle East, coupled with market volatility, is fueling the rise in precious metal prices. Gold is considered a safe-haven investment during times of uncertainty, and its demand has surged as a result.

Gold prices have increased by nearly 37% over the past year, with the ongoing geopolitical situation and currency rates playing a significant role. Over the past two years, gold prices have doubled, showing a 64% increase since October 2022.

Kolkata: A Sharp Increase in Gold Prices

In Kolkata, 24K gold has crossed Rs 81,000 per 10 grams, causing concern among buyers and jewellers. In the last week alone, prices in the city have surged by Rs 4,000 per 10 grams. On Monday, 24K gold in Kolkata was priced at Rs 81,380 per 10 grams, excluding GST. This significant rise follows steady increases in the past two weeks, from Rs 77,240 on September 30 to Rs 80,800 on October 20.

Jewellers in Kolkata report that such a sharp rise in gold prices has not been seen since the 2008-2012 financial crisis in the US Sales during Durga Puja were down by 22-30% due to these high prices, but with Dhanteras and Diwali around the corner, demand is expected to surge once again.