Gold prices are skyrocketing amid the ongoing festive season, with premiums in India hitting another record high at ₹1,32,953 on Saturday, on the occasion of Dhanteras.
People are willing to pay higher prices to buy gold on the auspicious day of Dhanteras, as the festival honours the Goddess of Wealth and Prosperity, Lakshmi. Dhanteras is considered an auspicious time to buy gold, symbolising good luck for home and businesses.
On Saturday, 24-carat gold stood at ₹1,32,953 per 10 grams, up by ₹3,350, while the 22-carat gold rate was priced at ₹1,21,883 per 10 grams, up by ₹3,070.
Here are today’s gold prices in key metro cities:
- Delhi gold prices: In the national capital, 24-carat gold was priced at ₹1,32,953 per 10 grams, up by ₹3,350, and 22-carat gold stood at ₹1,21,883, up by ₹3,070.
- Chennai gold prices: The premium for 22-carat gold per 10 grams in Chennai was up by ₹3,000 at ₹1,22,031, while that of 24-carat gold stood at ₹1,33,121, with a price increase by ₹3,270.
- Mumbai gold prices: The price in the financial capital for 24-carat gold per 10 grams was recorded at ₹1,32,807, an increase of ₹3,350. Meanwhile, 22-carat gold was priced at ₹1,21,737 per 10 grams, up by ₹3,070.
- Kolkata gold prices: The precious metal prices in West Bengal’s capital were also at a record high. The 24-carat gold stood at ₹1,32,805 per 10 grams, up by ₹3,350, and that of the 22-carat gold was at ₹1,21,735, an increase of ₹3,070.
- Pune gold prices: The premium for every 10 grams of 22-carat gold was at ₹1,21,743, up by ₹3,070, and the 24-carat gold was priced at ₹1,32,813, an increase of ₹3,350.
- Bengaluru gold prices: The price for 24-carat gold per 10 grams in Bengaluru was recorded at ₹1,32,795, up by ₹3,350, while 22-carat gold was priced at ₹1,21,725, up ₹3,070.
The festive season demand for gold has remained extremely high despite the staggering prices, so much so that Tanishq said it might just run out of gold coins.
Ajoy Chawla, CEO of Titan’s Jewellery Division, told NDTV Profit that consumers came back to purchase gold after they realised that the prices of the precious metal are here to stay and only going up.
He noted that people are rushing to purchase gold coins and bars, perhaps as an investment.
Further, while responding to a question about some stores running out of gold bars, Chawla said, “There is a bullion shortage in the country. We have planned for it adequately, but I won’t be surprised if we run out of coins. There is a worry among customers that there may be a shortage of gold.”
Gold, a precious metal, is considered an attractive investment option. The interest in purchasing gold varies across the nation as prices fluctuate according to the market situation.
The 24-carat gold (24K gold) is considered the purest form of gold, with a purity of 99.99 per cent. This precious metal is too soft to be moulded into jewellery.
Meanwhile, the 22-carat gold (22K gold) is essentially a mix of 22 parts of gold and two other metals, like copper and zinc, and is used to make jewellery.
India is the largest importer of gold, catering mainly to the demands of the jewellery industry. The nation is also the world’s second biggest consumer of gold, after China.