Home Business Gold prices rise, traders expect more sales this Diwali

Gold prices rise, traders expect more sales this Diwali

Traders expect an increase in the demand for gold and silver. (Representative)

New Delhi:

Gold prices were gaining strength since yesterday. Before Saturday, the bullion market was not showing any momentum for some time, although yesterday the market started reversing and starting strong. Owing to the auspicious timing, Dhanteras is being observed over two days, leading to a bullish trend in the market, which again brought the market to a standstill, as buyers did not shy away from buying strong gold on the first day. On Sunday, gold with 24k was trading at Rs 51,290 per 10 grams in the morning, an increase of Rs 10 from yesterday’s closing price.

Gold with 24k was trading at Rs 51,720 per 10 grams, 51,290/10 grams and 51,450/10 grams in Chennai, Mumbai and Delhi respectively.

24k gold was trading at Rs 51,450 per 10 gram, Rs 51,340 /10 gram, 51,290 /10 gram in Kolkata, Bangalore and Hyderabad respectively.

The price of gold in the country was trading at Rs 50,400 per 10 grams on October 15, which was about Rs 600 less than its previous trading price.

However, on Sunday, silver was trading flat at Rs 57,700 per 1 kg in Delhi, Chennai and Mumbai.

Before Diwali and Dhanteras, gold prices in India were falling sharply. However, the market improved on Saturday and spread its shine to gold jewelers and traders. On 22 October, 22 carat gold rate in India rose to Rs 47,000, and 24 carat gold rate rose to Rs 51,280/10 gram, which rose sharply by Rs 750 – Rs 830 respectively. Silver also rose to 5,770/100 grams.

Traders expect a pick-up in demand for gold and silver as the market is buoyant and 20 per cent higher sales are expected from last year’s Diwali and Dhanteras.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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