Gold Prices Soar to Record High Ahead of Dhanteras
Gold prices in Delhi surged by Rs 3,200 to hit a historic peak of Rs 1,34,800 per 10 grams on Friday, driven by strong festive demand ahead of Dhanteras.
Key Takeaways
- Gold (99.9% purity) reached Rs 1,34,800/10g, up Rs 3,200
- Silver prices fell sharply by Rs 7,000 to Rs 1,77,000/kg
- Festive buying, US economic uncertainty, and central bank purchases fuel rally
According to the All India Sarafa Association, 99.5% purity gold also jumped Rs 3,200 to an all-time high of Rs 1,34,200 per 10 grams. The precious metal’s surge comes as stockists built fresh positions anticipating robust sales during Dhanteras on Saturday and Diwali on Monday.
Global Market Movement
In international markets, spot gold eased 0.52% to USD 4,303.73 per ounce after hitting a record USD 4,379.29. Spot silver declined 1.32% to USD 53.43 per ounce despite briefly touching a lifetime high.
“Gold extended its winning streak with strong gains as the ongoing US government shutdown and a dollar index below 99 continued to support safe-haven flows into bullion,” said Jateen Trivedi, VP Research Analyst at LKP Securities.
Expert Analysis
Darshan Desai, CEO of Aspect Bullion & Refinery, highlighted that geopolitical tensions and credit market worries remain key factors to watch. Analysts view the slight global correction as temporary, with the overall sentiment remaining constructive due to expected Fed rate cuts and central bank buying.
The prolonged US-China trade standoff and US regional banking stress have further supported gold’s safe-haven appeal, keeping prices elevated despite minor pullbacks.
