After witnessing a sharp increase on the first day of Dhanteras, which was celebrated on October 22 and October 23, prices of 24 Karat and 22 Karat gold in the physical market remained largely unchanged. On Wednesday, the average prices of 10 gm gold of 24K and 22K purity were Rs 51,280 and Rs 47,000— both same as the average prices seen on Dhanteras day.
On Dhanteras day, 24K gold rose by Rs 830 per 10 grams and 22K rose by Rs 750 per 10 grams from the previous day.
Prices rose in anticipation of heavy demand during the festival, which is considered auspicious for purchasing the precious metal. This assertion was backed by numbers. According to the India Bullion and Jewellers Association (IBJA), approximately 39 tonnes of the metal, cumulatively worth Rs 19,500 crore, was sold during the two-day Dhanteras festival. IBJA said 30% more gold was bought during Dhanteras 2022 as compared to that sold during the festival last year, when 30 tonnes of gold were cumulatively sold on the occasion. Gold was sold at Rs 50,139 per 10 grams, excluding taxes, on both days. This was higher as compared to Rs 47,644 per 10 grams at Dhanteras last year.
Gold prices differ in various cities across the country as the prices of the metal are decided by local jeweller associations based on a number of factors. Below is the list of gold prices today, both 22K and 24K, in various cities.
Future & spot market
On Wednesday, price of gold futures for December 5 expiry on MCX was Rs 51,003, up 98 per 10 gram or 0.19% from previous close while silver was Rs 57,430 per 1 Kg.
Geojit Financial Services in a note said bullion is likely to come under pressure ahead. Spot gold dipped more than 0.5 per cent, while spot silver plunged over two per cent as the U.S. dollar strengthened. Similar moves were seen in MCX platform as well. Immediate upside turnaround point is placed at Rs 51500. Inability to move past the same expect choppy with mild negative bias.
Silver prices remains choppy inside Rs 54800-58500 levels initially. Breaking any of the sides would suggest fresh directional moves, it added.
