Gold price broke records in Navratri, silver got relief, know today’s situation. Today’s Gold Prices

Today’s Gold Prices: As the auspicious occasion of Navratri approaches, buying gold is seen as a favorable investment. However, potential buyers should be aware of the current market conditions, as gold prices have recently hit record highs. According to the All India Bullion Association (AIBA), gold prices in Delhi’s bullion market increased by ₹250 on October 7, 2024, reaching ₹78,700 per 10 grams, following an all-time high of ₹78,450 per 10 grams earlier in the week. In contrast, silver prices saw a slight decline, falling from ₹94,200 to ₹94,000 per kilogram.

Factors Affecting Gold Prices

The rise in gold prices is driven by increased demand from jewelers amid a surge in jewelry sales. Additionally, a recent decline in stock markets has caused investors to shift towards gold as a safer investment. During Asian trading hours, Comex gold rose by 0.14% to $2,671.50 per ounce. Expert Kainaat Chainwala noted that geopolitical tensions and expectations of US Federal Reserve interest rate cuts are influencing demand for gold.

Gold in Futures Market

In the futures market, strong spot demand has pushed gold prices higher. The December delivery price on the Multi Commodity Exchange (MCX) increased by ₹151 to ₹76,294 per 10 grams. This reflects a 0.2% rise, with 15,826 lots traded. Globally, gold prices in New York also increased by 0.33% to $2,676.70 per ounce.

Silver Market Trends

Conversely, silver prices weakened in the futures market, dropping to ₹92,760 per kilogram due to declining demand. This represents a 0.63% decrease for December delivery on MCX, with 25,597 lots traded. Silver prices in New York also observed a decline of 0.52%, trading at $32.23 per ounce.

Conclusion

As the festive season approaches, rising gold prices may impact buyers planning to invest for occasions like Navratri. While gold remains a popular choice, market fluctuations emphasize the need for buyers to stay informed about global trends and local pricing before making decisions.