On Diwali, gold demand surged across India despite minor price corrections. In Mumbai, 24-carat gold stood at Rs 1,30,877 per 10 grams; Delhi at Rs 1,31,023; Kolkata at Rs 1,30,875, reflecting steady festive-season buying
Representational Image. File Pic
As India celebrates Diwali on October 20, markets on Monday morning are set to be lit up by customers. Diwali, a festival which is known for buying gold and ornaments, this year has not been impacted much by the rising gold prices due to the tariff wars and global turmoil.
The prices of the yellow metal saw a very minimal drop on Monday, October 20, as compared to the previous day. The price of 24-carat gold was recorded at Rs. 130,877 for 10 grams in Mumbai. While other major cities also saw a minimal decline in the prices of gold, the demand in the market did see a decent inclination.
The earlier surge in gold prices was attributed to a combination of factors: strong global cues, a softer US dollar, and heightened domestic demand during the festive season.
The regular increase in gold prices added a layer of complexity for consumers and investors alike, who were already navigating the challenges posed by inflation and global economic uncertainties. But with the festive season, the demand again saw a hike, making the India jewellery market a lot more entertained.
Gold Price in Mumbai
In Mumbai, 24-carat gold peaked at about Rs 130,887 for 10 grams on the day of Diwali. Despite this historic level, subdued consumer sentiment and concerns over high premiums have kept transactional volume in check. Whereas, the price of 22-carat gold was recorded at Rs. 119,967. While the prices did see a very minimal decline as compared to the previous day, the demand did increase across the island city.
Gold Prices in Kolkata
Considering that gold has held a significant place in Indian culture and economy for centuries, Kolkata has been a place that offers some really mesmerising jewellery, thanks to the sheer craftsmanship offered by the local artisans. Known for great gold craftsmanship on gold jewellery, the price of gold saw a marginal decrease on Monday in Kolkata. The 24-carat gold prices in Kolkata were recorded at Rs 130,875 for 10 grams. Whereas the 22-carat gold prices were recorded at Rs 1,19,965.
Gold Price in Delhi
The national capital also experienced a significant amount of footfall in the gold and jewellery showroom on the day of Choti Diwali, assuring great demand. However, the prices of gold in Delhi have been marginally corrected on the day of Diwali. The price of 24-carat gold was recorded at Rs 131,023 for 10 grams. Whereas the 22-carat gold price was recorded at Rs 1,20,113.
The gold prices mentioned above reflect the prevailing market rates at the time of writing. These rates are subject to fluctuations based on global and domestic market conditions. Therefore, buyers are advised to check the latest prices before making any purchase decisions.
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