Gold Price Update: Gold prices in India have soared to an all-time high of ₹78,250 for 10 grams, raising questions about whether it is the ideal time to sell or if waiting until the end of the year could yield better profits. The remarkable increase is driven by a robust trend in global precious metals markets and continuous demand from jewelers.
Current Gold and Silver Prices
On Thursday, the gold prices in the bullion market of Delhi surged by ₹400, reaching ₹78,250 per 10 grams. In the previous session, gold had closed at ₹77,850 per 10 grams. This marks a climbing trend, as reported by the All India Sarafa Association, with two consecutive days of record price increases.
| Metal | Price per Unit | Change |
|---|---|---|
| Gold (10 grams) | ₹78,250 | + ₹400 |
| Silver (kg) | ₹94,000 | + ₹1,000 |
Market Trends Impacting Prices
Traders attribute the surge in gold prices to both local demand and a strong global market trend. For instance, the price of October gold contracts on the Multi Commodity Exchange (MCX) rose by ₹162, reaching ₹75,475 per 10 grams. Similarly, December silver contracts increased by ₹1,034 to reach ₹93,079 per kg. In the international arena, Comex gold saw a 0.61% rise, achieving $2,701.20 per ounce.
Factors Contributing to Price Surge
Saumil Gandhi, Senior Analyst at HDFC Securities, notes that an easy monetary policy from key Western central banks and growing tensions in the West Asian region have contributed significantly to the uptick in gold prices. Additionally, the weakening of the US dollar has further bolstered the appeal of gold as a safe-haven investment. Silver too experienced growth, rising by 2.63% to settle at $32.86 an ounce during Asian trading hours.
Local Market Highlights: Indore
In Indore’s local bullion market, gold prices observed a notable increase of ₹650 per 10 grams, making the average rate ₹77,650. Silver also saw a rise, increasing by ₹1,700 per kilogram, with prices averaging around ₹92,000 per kg. Furthermore, silver coins are trading at ₹950 per piece.
| Market | Gold Price (per 10 grams) | Silver Price (per kg) | Silver Coin (each) |
|---|---|---|---|
| Indore | ₹77,650 | ₹92,000 | ₹950 |
Conclusion
With gold prices reaching unprecedented levels, individuals holding gold may consider their options carefully before making a selling decision. As global dynamics and local demand continue to evolve, there may be further opportunities for profits in the precious metals market.
