Gold and Silver Price Changes on Dhanteras: Current Rates from Delhi to Patna

A significant rise in gold and silver prices was observed the day before the Dhanteras festival. In the Indian precious metals market, the price of 24-carat gold increased by more than 3000 rupees compared to Thursday evening, and silver prices also showed a substantial increase.

According to precious metals market data, the price of silver rose by 3100 rupees per kilogram. According to IBJA, on Thursday, the price of 24-carat gold reached 1,44,129 rupees for 10 grams. Meanwhile, 22-carat gold increased by approximately 3000 rupees, reaching 1,32,022 rupees for 10 grams. The price of 18-carat gold was 1,08,097 rupees for 10 grams, and 14-carat gold was valued at 84,315 rupees for 10 grams. The cost of one kilogram of silver reached 1,87,300 rupees.

On the Multi Commodity Exchange (MCX), the December gold futures rose by 1600 rupees or 1.11% on Thursday, reaching 1,44,820 rupees for 10 grams. The price of silver on MCX increased by 1410 rupees, amounting to 1,89,145 rupees per kilogram.

This sharp rise in gold and silver prices followed a long period of decline. Experts are now viewing gold and silver as a strong supporting force. According to Axis Direct, gold could rise by 22% over the year, exceeding the mark of 1.65 lakh rupees.

Several factors contribute to the rise in gold and silver prices. One of them was the defeat of Trump's party in the midterm elections, which triggered a significant jump in precious metal prices. Additionally, the fall in crude oil prices led to a weakening of the dollar, which positively impacted the value of gold and silver.

Thanks to this rapid increase, silver gained 10,000 rupees in two days, and 24-carat gold grew by 6000 rupees. Experts consider the current level of gold and silver to be the lower boundary and recommend making purchases.

The record high for silver is 4.20 lakh rupees per kilogram; it has currently fallen to 1.87 lakh rupees, meaning it lags by only 2.33 rupees. As for gold, its historical high is 1.93 lakh rupees, and the current price is 49 thousand rupees below this record.

Following a prolonged slump in the prices of gold and silver, a turning point occurred, which was a significant disappointment for those who expected further decreases in the cost of these precious metals. After a slight drop in the first two days of the current week, prices for gold and silver suddenly began to rise rapidly, and this increase continues into Thursday.

On the Multi Commodity Exchange (MCX), the price of silver reached 1.90 lakh rupees per kilogram, while the price of gold exceeded 1.45 lakh rupees.

An analysis of gold futures prices on MCX shows that at the beginning of the trading day on Thursday, the price of 10 grams of 24-carat gold with a December 4 expiry reached 1,46,109 rupees. This is significantly higher than the closing price of the previous business day on Wednesday, when it was 1,43,234 rupees, indicating an increase of 2,875 rupees for 10 grams.

Significant volatility in gold prices was also observed in early November. A major decline, known as the Gold Rate Crash, occurred in October, and a decrease was also recorded in early November. For instance, 10 grams of gold cost 1,49,036 rupees on September 30 but fell to 1,38,485 rupees on October 30, representing a loss of 10,551 rupees for 10 grams. However, since the last business day of October, the price has increased by 7,624 rupees.

In addition to gold, there was also a substantial change in silver futures prices on MCX. The price of 1 kg of silver, which dropped to 1,79,698 rupees on Tuesday, rose to 1,87,735 rupees on Wednesday due to the rally, and this growth continued on Thursday. Although this increase is not as large as the previous business day, the price of 1 kg of silver rose by 3,211 rupees, reaching 1,90,946 rupees.

Looking at the silver price rally, it can be noted that over two days, the value of silver increased by more than 11,000 rupees per kilogram. Comparing the prices on Tuesday (1,79,698) with the current ones, the price increase for 1 kg of silver with a December 4 expiry amounted to 11,248 rupees per kilogram.

Previously, in October, silver prices surprised investors holding these assets but simultaneously provided a favorable opportunity for new buyers. Throughout the month, silver prices experienced a crash. On September 30, the MCX Silver Price was 2,23,706 rupees, and on October 30, it fell to 1,79,132 rupees per kilogram, representing a drop of 44,574 rupees over the month.

There is a constant change in the prices of gold and silver. On Wednesday, fluctuations in the value of precious metals occurred again on the Multi Commodity Exchange (MCX), with the price of silver falling significantly and becoming cheaper than its previous high level. This presents a favorable opportunity for those planning to purchase silver during the holiday season.

According to MCX data, when it opened on Wednesday, December 4th, silver began trading at 177,600 rubles per kilogram. On the previous trading day, this metal commodity closed at 179,698 rubles. Thus, the cost of one kilogram of silver decreased by 2,098 rubles.

Analyzing the dynamics over the last month, from October 4th to November 4th, shows a significant drop in the price of silver. On October 4th, when trading on MCX ended, the price was 237,658 rubles per kilogram. By the start of trading on Wednesday, November 4th, silver had fallen to 177,600 rubles, which means a decrease of 60,058 rubles over this period.

If we look at the drop in the silver price relative to the historical maximum, the MCX Silver Price exceeded the 400 thousand rubles mark per kilogram for the first time at the end of January this year, reaching a peak of 420,048 rubles per kilogram. Compared to current prices, 1 kg of silver is now available 242,448 rubles cheaper than its maximum.

Additionally, updates were provided on the gold exchange rate on MCX. The price of 10 grams of 24-carat gold with an expiration date of December 4th closed at 139,452 rubles the previous day. On Wednesday, immediately after the futures trading began, this yellow metal slightly decreased to 139,177 rubles, but then showed an increase of approximately 150 rubles.

Similarly to silver, there was a change in the price of gold over the last month. On October 5th, the futures price for gold was 149,316 rubles for 10 grams, and on November 4th, it fell to 139,177 rubles, corresponding to a decrease in gold by 10,139 rubles over the month.