Gold and Silver Prices Rise Ahead of Dhanteras as Global Bullion Gains Accelerate
Gold in Delhi climbed to Rs 1,48,800 per 10 grams and silver to Rs 1,94,500 per kg, driven by festive buying and strong investment demand, while spot prices overseas also surged.
Gold prices in Delhi rose by Rs 2,200 to Rs 1,48,800 per 10 grams on Thursday, extending a rally sparked by purchases from jewellers and retailers ahead of the Dhanteras festival. The All India Sarafa Association reported that the 99.9% purity metal appreciated from Rs 1,46,600 per 10 grams the previous day, inclusive of taxes.
Silver also gained, climbing Rs 1,500 to Rs 1,94,500 per kilogram, up from Rs 1,93,000 in the prior session. Traders said the buying momentum was fueled by festive demand and heightened investment interest.
Domestic gold has risen about 13% since Dhanteras last year, when it was priced at Rs 1,32,400 per 10 grams, according to Dhruv Joglekar, Assistant Fund Manager at Monarch PMS. He noted that returns have outperformed typical capital-protection benchmarks in a volatile year.
On the global market, spot gold increased by nearly 2% to $4,125.25 per ounce, crossing the $4,100 threshold, while silver rose 1% to $52.73 per ounce. Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, linked the advance to declining crude-oil prices and speculation that the United States could seek an early resolution to the Iran conflict.
Kaynat Chainwala, AVP of Commodity Research at Kotak Neo, said spot gold continued its rise above $4,140 an ounce and silver approached $53, attributing the gains to lower oil prices and the Democratic sweep in the U.S. midterm elections, which pressured the dollar and Treasury yields. She added that a weaker dollar and lower borrowing costs have made non-yielding assets more attractive.
Market participants now await the U.S. jobs report, which could influence expectations for interest-rate moves and affect the trajectory of bullion prices. Continued softness in crude oil and bond yields would likely support further advances in gold and silver, while a rebound in energy prices or hawkish Federal Reserve signals could temper the recovery.