Gold Prices Soar Ahead of Dhanteras: ₹4,132 Increase in Just One Month - Read Now

At a time when Dhanteras is knocking at the door, gold prices have gone sky-high -- an appreciation of ₹4,132 within a month. In fact, the growth has been largely due to the heightened demand for gold in the wake of the geo-political tension and festival season. Experts expect further increase in the prices of gold to the extent of ₹80,000 a 10 grams in Dhanteras.

On Friday, trading on the Multi Commodity Exchange resulted in a reported high price for gold touching ₹77,839 per 10 grams. On the closure of the day, it closed at ₹77,749 per 10 grams. On Friday, Gold prices saw a phenomenal increase of more than ₹600 as trading occurred. In contrast, the local markets of Delhi quoted the gold price at ₹79,900 per 10 grams and said it is in consonance with high demand due to approaching festivals.

It rose by 5.61% in the last month alone and reached ₹73,707 per 10 grams on September 18. This surge underlines the status of gold as the most desirable investment for uncertain times.

Market analysts believe that the present wrangling in the West Asia region and the upcoming U.S. presidential elections have induced investors to look at gold as an investment, as this is likely to allow investors to hedge over potential losses which may be mentioned and hence boost its demand. The cuts in interest rates by the European Central Bank added to its attraction recently.

Besides, silver prices also continued its upward trend to reach at ₹94,500 per kilogram, which may be due to increased precious metal demand. It may not be long when customers start flowing into the markets in the festival season, bringing another hike.
Market experts said that investors should watch out for gold price trends before the festival of Dhanteras at these current market trends.

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