The festive season has brought a major surge in gold and silver prices, with both precious metals hitting record highs ahead of Dhanteras and Diwali. The rally in demand from jewellers and retail buyers, coupled with a weaker rupee, has fueled the price rise across domestic and global markets.
Record-Breaking Prices on MCX
As of the latest trade update, gold prices on MCX reached ₹1,26,697 per 10 grams, while silver prices climbed to ₹1,60,131 per kilogram. The continued upward trend reflects growing investor confidence and strong festival-season buying momentum.
Gold Crosses ₹1.3 Lakh Mark in Delhi Bullion Market
In the national capital’s bullion market, gold prices surged by ₹2,850 on Tuesday, crossing the ₹1.3 lakh per 10 grams mark for the first time.
According to the All India Sarafa Association,
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99.9% pure gold rose by ₹2,850 to reach ₹1,30,800 per 10 grams, up from the previous close of ₹1,27,950.
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99.5% pure gold also jumped by ₹2,850, hitting ₹1,30,200 per 10 grams, compared to the earlier close of ₹1,27,350.
Silver Hits All-Time High
Silver continued its winning streak for the fifth consecutive day, soaring by ₹6,000 to a record ₹1,85,000 per kilogram (including all taxes). In the previous session, silver had closed at ₹1,79,000 per kilogram.
Reasons Behind the Sharp Rise
Traders attribute the price rally to several factors:
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Heavy pre-festive and wedding-season buying by jewellers and retailers.
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The Indian rupee weakening by 12 paise to a record low of ₹88.80 per USD, making imports costlier.
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Strong international gold prices, which briefly touched an all-time high of $4,179.71 per ounce before settling at $4,140.34 per ounce.
Meanwhile, spot silver touched $53.54 per ounce but later eased 1.92% to $51.36 per ounce.
Festive Demand Keeps the Market Bullish
With Dhanteras and Diwali just days away, demand for gold and silver ornaments is expected to remain strong. Market experts predict that the ongoing bullish trend could continue in the short term, supported by festive buying and a weaker rupee.
