During the special business of Diwali, the prices of gold and silver touched the sky. Gold prices in India have risen during the global market. On the MCX index, 10 grams of gold futures rose 1.5 percent to Rs 47,561. More fluctuations have been observed in the forms. The price of one kg of silver rose 2.7 per cent to Rs 74,224.
According to experts, the trend of buying gold during the festive season including Dhanteras and Diwali has got support from the yellow metal. Ahmed MP, Chairman, Malabar Gold and Diamonds said, “We expect sales to increase by 30-40 per cent in Diwali as compared to last year. Keeping in mind the upcoming wedding season, we expect the demand for gold, other gems and jewelery to increase in retail stores.
Gold traders from different parts of the country have said that this time the demand for gold has increased before Diwali as the prices are slightly lower. In Dhanteras last year, where the price of 10 grams of gold was around Rs 50,000, this time it is around Rs 3,000 less. The demand for gold in the retail market picked up a bit after gold prices hit a record high of Rs 57,200 in August last year. A few days ago, Ashish Peth, president of All India Household Council of Gems and Jewelery told PTI: This year around 40 per cent of the total gold sold will be in October and November.
At the same time, gold prices rose in the world market on Thursday. After hitting a three-week low on Wednesday, one ounce gold futures rose 1.6 per cent to 1,795.6 in Diwali. One ounce of spot silver rose 1.2 per cent to Rs 23.69.
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