Gold Price: Gold Rs. 1.5 lakhs, an increase of Rs 1,000 over last Dhanteras

Gold Price: As the festive season begins, gold prices once again seem to be beyond the reach of the common man. Ahead of Dhanteras on Friday and Diwali on Sunday, bullion market in Delhi saw a sharp jump in gold prices. Continuing the upward trend for the second day in a row, gold is now Rs. 1.5 lakh has been very close to the figure. Gold prices of 99.9 per cent purity rose by Rs 2,200 to Rs 1,48,800 per 10 grams (including all taxes) in Delhi on Thursday, according to the All India Bullion Association. A day earlier, on Wednesday, it had closed at Rs 1,46,600 per 10 grams.

Silver also reached close to Rs.2 lakh

Not only gold, silver glitter is also burdening buyers’ pockets. Silver prices continued to rise on Thursday. Rs. 1,500 with a jump of Rs. 1,94,500 per kg (inclusive of all taxes) was reached. Silver price was Rs 1,93,000 per kg in the last trading session. Market traders say that Dhanteras is considered the most auspicious day for buying precious metals. For this reason jewellers, retailers and stockists have stepped up their purchases ahead of the festival. Apart from this, the increasing demand for investment has also accelerated this trend in the market.

How expensive has gold become since last Dhanteras?

If we look at last year’s figures, the surge in precious metals is huge. Last year when Dhanteras was celebrated on October 18, the price of gold was Rs 1,32,400 per 10 grams. It means that compared to last Dhanteras, this time gold has become expensive by Rs 16,400 per 10 grams. As for silver, it was Rs 1.7 lakh per kg last Dhanteras, which has now increased to Rs 1,94,500. According to Dhruv Joglekar, assistant fund manager at Monarch PMS, gold prices have increased by around 13 per cent since last Dhanteras. Its price in the domestic market is in the range of 1.40 lakh to 1.48 lakh rupees per 10 grams. He said that the returns from gold have proved to be better than normal standards of capital preservation in this turbulent year.

Status of gold in the international market

Along with the domestic market, the price of gold and silver is also seeing a sharp rise in the foreign markets. Globally, spot gold rose US$65.12, or about 2 percent, to US$4,125.25 an ounce. It has crossed the important level of $4,100. On the other hand, the price of silver in the foreign market has also increased by 1 percent to 52.73 US dollars per ounce.