Gold Prices Remain Stagnant, Should You Buy The Yellow Metal On Dhanteras To Please Maa Laxmi

Buying gold on Dhanteras is considered an auspicious thing in Hindu tradition as it is seen as a way of inviting Goddess Laxmi into one's home. Since Dhanteras is just a few days away from us, it is always good to keep track of gold prices in your city before making any investment decision. The price of gold in India is stagnant currently and this has come as a big relief for people who are planning to purchase the precious metal in this festive season.

In India, the cost of 10 grams of 24-carat gold is Rs 61,640 as of November 5, 2023. Meanwhile, the price of the same quantity of 22-carat gold is currently sold at Rs 56,500.

Globally, Gold prices rose higher on Friday as the US dollar and Treasury yields slipped after lower-than-expected US jobs data cemented expectations that the Federal Reserve will not go with further rate hikes.

Spot gold gained 0.4% to $1,994.28 an ounce as of 3:14 p.m. ET (1914 GMT), while US gold futures ended 0.3% higher at $1,999.2.

Gold Futures, maturing on December 5, 2023, closed 0.19% higher at 61025 on the Multi Commodity Exchange (MCX) on Friday.

Gold prices today in different Indian cities on November 5:

Today, the gold price in Delhi for 24-carat gold (10 grams) is Rs 61,790, while 10 grams of 22-carat gold in the national capital costs Rs 56,650. Remember that the gold rate in Delhi is at par with the price of gold in Chandigarh, Jaipur, and Lucknow.

Gold prices in Bangalore for 24-carat gold (10 grams) is Rs 61,640, while 10 grams of 22-carat gold in the city costs Rs 56,500. The gold rate in Bangalore is at par with the price of gold in Hyderabad, Kerala, and Kolkata.

Bottom Line:

Though it is considered auspicious to buy gold on Diwali and Dhanteras, but one should remember that gold rates are highly volatile. Therefore, it is recommended that investors should carefully consider their own risk tolerance and investment goals before investing in the precious metal. Usually increased demand during the festive season, geopolitical situations, weaker rupee impact the price of the yellow metal.