Hurry Up! Just One Day Ahead Of Dhanteras, Gold Prices Are Falling; Is It The Right Time To Buy Gold?

Gold prices continued to fall for another day on Wednesday making it the right time to buy gold in the ongoing festive season, just a day ahead of Dhanteras. In India, the price for 10 grams of 24-carat gold is Rs 61,200. The price of 10 grams of 22-carat and 18-carat gold in the country is Rs 56,100 and Rs 45,900 respectively. Demand for Gold is expected to increase in India this week as Dhanteras 2023 this time falls on November 10 and in Indian culture it is considered auspicious to buy gold on this day.

Globally, gold prices fell for the third day in a row on Wednesday, weighed down by a firmer dollar as investors looked for more clues from the Federal Reserve chief on interest rates.

Spot gold fell 0.2% at $1,965.50 an ounce as of 0535 GMT, while US gold futures were unchanged at $1,974.70.
Gold Futures, maturing on December 5, 2023, were up 0.05% at 60377 on the Multi Commodity Exchange (MCX) at 1:42 pm on Wednesday.

Last week the price of precious metal saw a rally as demand for the safe haven increased after investors turned towards the yellow metal following an escalation in Israel Hamas conflict. However, gold prices have eased this week as investors digested geopolitical risk premiums and as central banks turned away from rate hikes.

Investors are now keenly awaiting comments from Federal Reserve Chairman Jerome Powell, who is set to speak on Wednesday and Thursday.

If you are planning to buy gold on Dhanteras you should know that the yellow metal is available in various forms. Physical gold is available as gold coins, gold bars, gold biscuits, and gold jewellery.

Digital gold can be purchased on platforms like Phonepe and Paytm. Besides you can also go for gold ETFs, sovereign gold bonds, and gold mutual funds if you want to invest in Gold on this Dhanteras or Diwali.

Gold prices today in different Indian cities on November 8:

Today, the gold price in Delhi for 24-carat gold (10 grams) is Rs 61,350, while 10 grams of 22-carat gold in the national capital costs Rs 56,250. 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 61,200, while 10 grams of 22-carat gold in the city costs Rs 56,100. The gold rate in Bangalore is at par with the price of gold in Hyderabad, Kerala, and Kolkata.
In Ahmedabad, the price for 24-carat gold (10 grams) is Rs 61,250, while 10 grams of 22-carat gold in the city costs Rs 56,150.