Gold and Silver Prices Surge on Dhanteras Demand in Delhi

On October 29, 2024, gold prices in India experienced a notable rise of Rs 300, bringing the cost to Rs 81,400 per 10 grams. This spike has been attributed to heightened demand ahead of Dhanteras, a festival celebrated with the buying of precious metals, particularly gold. The All India Sarafa Association reported significant consumer interest, emphasizing how cultural traditions influence market trends during this auspicious time. Similarly, silver prices also climbed, recording an increase of Rs 200 to reach Rs 99,700 per kg. This growth in silver pricing is aligned with increased demand from industrial units, as well as coin makers. Traders indicated a marked preference for silver coins this year, pointing to a shift in purchasing behavior amidst fluctuating gold prices that remain elevated. Experts noted the response from the market reflects underlying economic conditions, which include concerns about national and global financial stability. With the ongoing geopolitical tensions and domestic economic policies affecting consumer confidence, buyers are gravitating toward safe-haven investments in precious metals. Overall, the rising prices of gold and silver signal robust demand driven by both cultural practices and market dynamics. As consumers adapt to current economic uncertainties, the patterns of buying during festive seasons continue to play a critical role in shaping the commodity markets in India.