Udaipur, October 22, 2024 - Just ahead of Dhanteras, prices of gold and silver have surged significantly. Yesterday, October 21, silver set a new record in Jaipur selling up to Rs 1,00,600 per kilogram in the evening during trade in the bullion market.  At noon, the price of silver was fixed at Rs 99,800 per kilogram by the Sarrafa Traders Committee, Jaipur. But, a surge in international market prices, led silver prices to cross the Rs 1,00,000 mark by evening.

The previous trading day, October 19, silver was priced at Rs 94,118. India's Futures market (Multi Commodity Exchange - MCX), saw silver cross Rs 1,00,000 per kilogram. This new peak is for contracts expiring on March 5, 2025.

Experts believe the buying trend in silver is likely to go on because people feel that silver is still priced lower than gold despite the strong demand. As a result of this buying is on the rise.

On the other hand, gold prices are also reaching record highs. In the international market, gold has reached its all-time high of $2,730 per ounce. In India, the price of 10 grams of 24-carat gold has surpassed Rs 80,000.

In Mumbai, the price of 24-carat gold increased by Rs 804 per 10 grams touching Rs 78,214 per 10 grams. Silver also saw a rise of Rs 3,136, reaching Rs 97,254 per kilogram. This marks the fourth consecutive day of rising silver prices.

Market experts say that owing to a strong demand during the festive season, buying gold during Dhanteras-Diwali could prove to be a profitable deal in terms of returns. According to analysts, gold prices could go up by another 10% from the current levels.

Gold prices are being supported by the current global scenario like the rising tensions in the Middle East, expectations of further interest rate cuts in the United States, an increase in investments in gold ETFs, and a boost in purchases by central banks worldwide.

Source: Media Reports