Gold Price Today : Even during Pitru Paksha, gold prices are witnessing a surge, with the rate now exceeding ₹76,900 per 10 grams. Traditionally, people refrain from making purchases and conducting auspicious activities during this period due to religious beliefs, leading to some sluggishness in the market. In previous years, a trend of declining gold prices has been observed during Pitru Paksha or Shradh.
Why Are Gold Prices Increasing?
Gold prices are subject to fluctuations due to global events. Despite market sluggishness, the prices have not dropped this year. In Delhi’s bullion market, gold prices rose by ₹600 on Monday, reaching ₹76,950 per 10 grams, compared to the previous close of ₹76,350.
According to Chintan Mehta, CEO of Abans Holdings, gold prices have surged by 27% this year, reaching an all-time high. Mehta attributes this rise to the ongoing conflicts and tensions in West Asia, which have driven up the demand for gold, as people view it as a safe investment.
Customers Buying Jewelry in Advance for Weddings
The rising demand from jewelers and retailers in the local market is also pushing up gold prices. It remains to be seen whether this price surge will continue through the festive season.
Anuj Gupta, Head of Commodities at HDFC Securities, noted that the interest rate cuts in the US have contributed to the rise in gold prices. Future rate cuts could further drive up gold prices. Additionally, the weakening dollar index has also played a role in supporting the upward trend in gold prices.
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Gold and Silver Price Forecast for Diwali
According to Anuj Gupta, gold prices are expected to remain between ₹75,000 and ₹76,000 per 10 grams by Diwali. Meanwhile, silver prices are likely to range between ₹92,000 and ₹95,000.
