Gold Prices Rise Above Rs 62,600 Mark, Should You Buy Gold This Dhanteras?

Gold prices are touching the sky in both the domestic market as well as the global market. The price of the yellow metal on Saturday rose above Rs 62,600 level as the demand for gold usually rises in the country amidst the festival season.

In India, 10 grams of 24 carat gold costs Rs 62,620, while 22 carat of the same quantity of gold is currently available at Rs 57,400 in the country. Gold is usually considered a safe haven asset, and a hedge against inflation. Thus it is mostly seen that people turn toward non yielding bullion when economic uncertainties are high.

In India Gold holds a traditional value and it is mostly seen that there is a mad rush to buy Gold on auspicious occasions like Diwali and Dhantera. Gold demand in India continues to rise even after Diwali because of the wedding season which starts just after it.

Amidst an escalation in the Israel-Hamas conflict, Gold vaulted over $2,000 marching towards its third straight weekly gain on Friday. Spot gold rose 1.2% to its highest since mid-May at $2,009.19 an ounce as of 3:10 p.m. EDT (1910 GMT) while US gold futures settled 0.1% higher at $1,998.50.

Gold futures contract on Multi Commodity Exchange (MCX) for December 2023 expiry surged 0.51% at Rs 61,260 on Friday.

Gold price today in different Indian cities:

Today, the gold price in Delhi for 24-carat gold (10 grams) is Rs 62,770, while 10 grams of 22-carat gold in the national capital costs Rs 57,550. 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 62,620, while 10 grams of 22-carat gold in the national capital costs Rs 57,400. The gold rate in Bangalore is at par with the price of gold in Hyderabad, Kerala, and Kolkata.

Should you buy gold on Dhanteras 2023?

Gold holds a special value and there is a sentimental value attached to it in Indian culture as we all must have seen our grandparents investing in gold to meet any unexpected financial crisis in the future.

Usually, during the festive season and wedding season, price dynamics have proved to be little or no reason to stop Indian buyers from buying gold. If the Israel-Hamas situation escalates further, the price of gold can continue to rise in the future.

Gold price on MCX seems to have support placed at Rs 60,800 to Rs 60,750 per 10 gm levels, while the crucial support for Gold is placed at Rs 60,200 levels. On the upper side, gold price is also expected to go up to Rs 62,200 levels.