Gold rates had been strengthening since yesterday. Before Saturday, the bullion market was not looking up for some time, however, the markets turned around yesterday and started strengthening.
Due to the auspicious hours timing, Dhanteras is being celebrated on two days which led to an upward trend in market-leading to shine back to the market as buyers did not shy away from buying the strengthening gold on the first day.
On Sunday, gold with 24k was trading at Rs 51,290 per 10 gm in the morning, an increase of Rs10 from yesterday’s closing price.
Gold with 24k was trading at Rs 51,720 per 10 gm, Rs 51,290/10 gm, and Rs 51,450/10gm in Chennai, Mumbai, and Delhi, respectively. 24k gold was trading at Rs 51,450 per 10 gm, Rs 51,340/10 gm, and Rs 51,290/10 gm in Kolkata, Bangalore, and Hyderabad, respectively.
Gold rate in the country was trading at Rs 50,400 per 10 gm on October 15, which was declining about Rs600 from its last trading price.
However, the rates of silver were trading flat at Rs 57,700 per 1 kg in Delhi, Chennai, and Mumbai on Sunday.
Gold rates were falling sharply in India, ahead of Diwali and Dhanteras. However, on Saturday, the markets recovered and gave their shine to the gold jewelers and traders. On October 22, in India, the 22-carat gold rate gained to Rs 47,000, and the 24-carat gold rate gained to Rs 51,280/10 grams, increasing sharply by Rs 750 – Rs 830, respectively. The silver rate also gained to Rs 5,770/100 gm.
Traders are anticipating a pickup in the demand for gold and silver as the markets are buzzing and also expect 20 per cent higher sales from last year’s Diwali and Dhanteras.