Gold prices in India on Friday rose amid higher demand in the spot market on account of buying on Dhanteras. In the national capital Delhi, prices of 22-carat and 24-carat gold were at Rs 56,000 and Rs 61,090 per 10 grams. In Mumbai also, the gold prices were the same on Friday. Silver prices in India were also trading higher by about Rs 800 to Rs 74,000 per kg.
Among other cities, in Chennai, gold prices stood at Rs 56,450 per 10 grams for 22-carats, while that of 24-carats stood at Rs 61,580 per 10 grams. In Kolkata, Hyderabad, Bengaluru and Thiruvananthapuram, gold prices were the same as Delhi and Mumbai at Rs 56,000 and Rs 61,090 per 10 grams for 22-carats and 24-carats, respectively.
In Bhopal and Patna, 22-carat gold is currently available at Rs 56,050 per 10 grams, while 24-carat gold at Rs 61,140 per 10 grams.
Nirpendra Yadav, senior commodity research analyst at Swastika Investmart, said, “Diwali is also considered an auspicious time to invest, and many people choose to invest in gold during this period. Gold is seen as a safe and secure investment, and buying gold during Diwali is believed to bring good fortune and growth in one’s wealth.”
He said that beyond the symbolic and cultural significance, the use of gold during Diwali also has practical financial implications. As Diwali continues to be celebrated across the world, the golden glow of this precious metal will always be an inseparable part of the festivities.
Deveya Gaglani, research analyst at Axis Securities, said many festivals in India are considered auspicious to buy gold, and Dhanteras is among the favourites. In India, people invest in gold for long-term gains. That is why Indian households have the highest reserves of gold, roughly Rs 21,000 tonne.
“Gold is very close to Indian’s hearts and is a more sentimental investment than a speculative one. Since Dhanteras last year, Gold has given a return of almost 20 per cent, easily beating Nifty returns,” he said.
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