Gold, silver prices rise ahead of Dhanteras, Diwali: The retail price of gold and silver rose in futures trade on Monday due to strong demand ahead of Dhanteras and Diwali. Gold prices rose by 0.15 per cent to Rs 37,903 per 10 gram. Similarly, silver prices rose by Rs 270 to Rs 45,441 per kg today.
Earlier in the day, the price of the yellow metal was down by Rs 2,200 from November’s high due to higher rupee and weak global trend while silver witnessed a rise.
On August 28, gold prices had touched a six-year high of over Rs 40,000 per 10 gram of 24k gold. Market observers said this could be a strategy of the gold sellers to attract potential buyers, The jewellers first slashed the price but when buyers thronged jewellery shops the prices went northwards.
On the occasion of Dhanteras, Indians prefer to buy gold as the yellow metal is considered auspicious. On the other hand, investment in gold is considered safe as it is immune to the recession. Most of the Indian banks, both PSUs and private banks, provide instant loan which is secured against gold ornaments.
Apart from that, Indian families prefer to buy gold as they consider it an essential part of most religious and wedding ceremonies in the family. Buying gold jewellery and gifting it to friends and relatives is also prevalent in our society.