Is Dhanteras denting your wallet this year? Gold prices are surging today, October 29th, 2024, crossing the Rs 78,000 mark per 10 grams for the first time. But that is not dampening the enthusiasm of buyers as the festive mood fuels a buying spree. Let’s dive into the details to understand the current gold and silver market scenario in India.
A Golden Glow on Dhanteras
Traditionally, Dhanteras is the welcoming of prosperity. And today is no different. On Dhanteras day, people buy gold and silver in huge quantities. According to India Bullion and Jewelers Association, the 24-carat gold of 999 purity has reached Rs 78,846 per 10 grams. It has increased from Rs 78,245 in the evening of Monday. Silver too has increased, with 999 purity silver reaching Rs 97,238 per kg.
Surprisingly, the festive fervor persists even as prices have begun to rise. There are many who are betting on gold and silver now, seeing them as an auspicious purchase and, of course, a hedge against inflation.
Deciphering Gold Purity and Prices
Confused over the various carat ratings? Here’s a run-down:
995 Purity Gold: At Rs 78,530 per 10 grams, this comes very close to pure gold. 916 Purity Gold (22 Carat): This is the most common gold type used in Indian jewelry. The price for 10 grams is Rs 72,223. 750 Purity Gold (18 Carat): It is the most sought after when one needs a middle path between value and purity. The market rate stands at Rs 59,135 for 10 grams. 585 Purity Gold (14 Carat): This is a relatively cheaper option with less gold content. The current price is Rs 46,125 per 10 grams. Important Note: The prices mentioned above are pre-tax and do not include making charges levied by jewellers. Additionally, the IBJA rates are indicative and may vary slightly depending on your location.
Regional Variations in Gold Prices
The prices for gold might vary slightlyy among cities in India. A quick snapshot of the latest rates is as follows for some key cities: Delhi, Noida, Lucknow, Jaipur: 24 carat- ₹79,940; 22 carat – ₹73,290 for 10 grams Patna & Ahmedabad: 24 carat – ₹79,840; 22 carat – ₹73,190 for 10 grams Bhubaneswar, Mumbai, Kolkata: 24 carat – ₹79,790; 22 carat – ₹73,140 for 10 grams Remember: These prices are for guidance only. Always check with your local jeweller for the very latest and most accurate pricing.
And that’s it! With Dhanteras, gold has caught light under the heavy demand. Whether you’re a seasoned investor or just celebrating, make an informed decision- Celebrate!
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