Dhanteras 2024: Gold prices DROP, bringing relief for buyers; check October 29 rates in your city

On the auspicious occasion of Dhanteras, gold prices have dropped by Rs 500, providing a welcome respite to buyers nationwide. The price of 24-carat gold is now around Rs 79,000 per 10 grams, while 22-carat gold stands at approximately Rs 73,000 per 10 grams. The festive season, marked by a surge in demand for gold, silver, and utensils, traditionally sees a spike in gold purchases, which is thought to bring prosperity and good fortune.

Gold Prices Across Major Cities

The price reduction has been seen across major cities, with slight regional differences:

• Delhi, Gurugram, Lucknow, Jaipur: 24-carat gold is priced at Rs 79,940, while 22-carat gold stands at Rs 73,290 per 10 grams.
• Mumbai, Kolkata, Bhubaneswar: 24-carat gold is Rs 79,790, and 22-carat gold is priced at Rs 73,140.
• Ahmedabad and Patna: 24-carat gold is Rs 79,840, while 22-carat is Rs 73,190.

The silver rate has also experienced a surge, now standing at Rs 97,900 per kilogram.

Key Factors Influencing Gold Prices

Gold prices in India are largely influenced by international market trends, the strength of the Indian rupee against the U.S. dollar, and domestic demand. Any price movement in the global market often reverberates within the Indian market.

Currently, geopolitical tensions in West Asia, alongside seasonal demand, have contributed to price fluctuations. Although there was a notable decline of 7% in gold and silver prices in July after the government cut customs duties on precious metals, prices have rebounded in recent weeks due to increased festival and wedding season demand.

Rising Demand on Dhanteras

The fall in gold prices on Dhanteras, traditionally a day of heightened buying, is expected to spur increased purchases. As the festival season continues, gold demand is projected to rise, potentially driving up prices in the coming weeks.

With favorable prices on Dhanteras, shoppers are likely to flock to jewelers, making the most of this short-lived dip and marking the occasion with auspicious purchases of gold and silver.

Here's a look at Gold Rate on Dhanteras on October 29 across major cities:

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