Gold prices surged in key metro cities like Delhi and Mumbai on October 29, 2024, during the occasion of Dhanteras. On this auspicious occasion, 24K gold prices jumped massively by up to Rs 6,500, while 22K prices surged to as high as Rs 6,000 in a single day. The performance tracks the upside in MCX and international prices. Demand for gold is higher during Diwali. However, this Deepawali, who is offering costly and cheap gold, Mumbai or Delhi?
Gold Prices In Mumbai On Dhanteras 2024:
24K gold price jumped by Rs 6,500 in 100 grams to Rs 8,04,500, while 10 grams gold is up by Rs 650 to Rs 80,450 per 10 grams. These are at all-time highs in Mumbai. The cheapest gold in Mumbai in 24K is of 1 gram which is priced at Rs 8,045 up by Rs 65 in a single-day. 8 grams of 24K is also up by Rs 520 to Rs 64,360.
Meanwhile, 22K gold price in 100 grams climbed by Rs 6,000 on Tuesday to Rs 7,37,500. 10 grams of this carat soared by Rs 600 to Rs 73,750, while 8 grams price advanced by Rs 480 to Rs 59,000, and 1 gram yellow metal is up by R 60 to Rs 7,375.
Further, 18K gold price zoomed by Rs 4,900 to Rs 6,03,400, and that of 10 grams gold is available at Rs 60,340 up by Rs 490. Also, 1 gram and 8 grams gold is up by Rs 49 and Rs 392 to Rs 6,034 and Rs 48,272 respectively.
However, gold prices in Delhi is higher compared to Mumbai despite similar single-day big jump on Dhanteras.
Gold Prices In Delhi On Dhanteras 2024
In the national capital, gold prices in 24K jumped by Rs 6,500 to Rs 8,06,000 in 100 grams, while 10 grams yellow metal surged by Rs 650 to Rs 80,600. Per 8 grams and 1 gram gold is available at Rs 64,480 on October 29, up by Rs 520 and Rs 65.
Further, 22K gold prices climbed by Rs 6,000 to Rs 7,39,000, and that of 10 grams gold is available at Rs 73,900 up by Rs 600. 8 grams and 1 gram gold is at Rs 59,120 and Rs 7,390 up by Rs 480 and Rs 60 respectively.
Moreover, 100 grams of 18K gold soared by Rs 5,000 to Rs 6,04,600, while 10 grams of the same carat is up by Rs 500 to Rs 60,470. 8 grams and 1 gram gold is available at Rs 48,376 and Rs 6,047 up by Rs 400 and Rs 50 respectively.
In the previous session, Rahul Kalantri, VP Commodities, Mehta Equities said, gold and silver prices opened lower due to reduced demand for safe-haven assets, following a de-escalation of tensions in the Middle East and stabilization in the oil market. The Japanese Yen (JPY) fell to a three-month low after Japan's ruling coalition lost its parliamentary majority for the first time in 15 years, signalling a major political shift.
Furthermore, as per the analyst, a stronger US Dollar, bolstered by solid economic data and rising bond yields, continues to weigh on gold and silver prices. The market participants are closely monitoring potential OPEC+ output adjustments and the outcomes of the US elections and Federal Reserve meetings for further market direction.
Amidst estimating a volatile session for gold on October 29, Kalantri said, "Gold has support at $2,710-2,688, with resistance at $2,748-2,762. Silver has support at $33.15-32.80 and resistance at $33.58-33.75. In INR terms, gold has support at ₹78,050-77,850 and resistance at ₹78,750-78,940, while silver has support at ₹96,240-95,550 and resistance at ₹97,980-98,750."
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