Gold prices on Tuesday, October 29, 2024 increased by ₹300 to ₹81,400 per 10 grams. Meanwhile, silver prices increased by ₹200 to ₹99,700 per kg and closed at ₹99,500 per kg on Monday, October 28, 2024.
According to the All India Sarafa Association, today’s gold prices are nearing a record high in the national capital today due to the high demand for Dhanteras by several jewelers and retailers.
Currently, traders are making silver coins the main choice for purchasing tokens on Dhanteras and choosing to leave traditional gold to the soaring gold prices at a high of ₹81,400 per 10 grams.
At 99,5 percent pure gold, the price jumped by ₹300 and hit an all-time high of ₹81,800 per 10 grams. On Monday, 99.9 percent and 99.5 percent pure gold closed at ₹81,100 and ₹80,700 per 10 grams.
On the MCX or Multi Commodity Exchange, the futures for December delivery rose by ₹178 or 0.23 percent with the gold price at ₹78,744 per 10 grams.
Meanwhile, the silver price for December delivery jumped by ₹786 or 0.81 percent with the silver price at ₹98,210 per kg on the MCX. Internationally, Comex gold futures will increase by 0.23 percent and the price will be USD 2,762.20 per ounce.
Sumil Gandi, a senior commodity analyst at HDFC Securities, said that gold prices will approach a record in European trading hours on Tuesday amid concerns over the US presidential election and the heightened US debt crisis that has boosted demand for safe haven assets, driving inflows into the precious metal.
Over the last three trading sessions, some gold buyers have been watching for any minor correction. This was conveyed by Pranav Mer, VP – Research (Commodities & Currencies) at Blinkx and JM Financial.