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Gold prices rising, traders expect higher sales than last year

By Shgun S -- October 23rd 2022 01:46 PM

New Delhi, October 23: Gold rates are on the rise since Saturday. Before Saturday, the bullion market had been declining for some time; however, the markets turned around and began to strengthen.

Dhanteras is celebrated on two days due to the auspicious hour timing, which led to an upward trend in the market, bringing the shine back to the market as buyers did not shy away from buying the strengthening gold on the first day.

On Sunday morning, gold with 24k was trading at Rs 51,290 per 10 gm, up Rs10 from the previous day's closing price.

In Chennai, Mumbai, and Delhi, gold with 24k was trading at Rs 51,720 per 10 gm, Rs 51,290/10 gm, and Rs 51,450/10 gm, respectively. In Kolkata, Bangalore, and Hyderabad, 24k gold was trading at Rs 51,450 per 10 gm, Rs 51,340/10 gm, and Rs 51,290/10 gm, respectively.

Gold price witnesses big change; check revised city-wise rates - PTC News

On October 15, the gold rate in the country was Rs 50,400 per 10 gm, down roughly Rs600 from its previous trading price.

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Silver, on the other hand, was trading flat at Rs 57,700 per 1 kg in Delhi, Chennai, and Mumbai on Sunday.

In India, gold prices were falling drastically ahead of Diwali and Dhanteras. However, the markets recovered on Saturday, shining brightly for gold jewellers and traders.

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On October 22, the 22-carat gold rate in India increased to Rs 47,000, and the 24-carat gold rate increased to Rs 51,280/10 grammes, increasing by Rs 750 - Rs 830, respectively. The silver price has also risen to Rs 5,770/100 gm.

Traders anticipate a surge in demand for gold and silver as the markets heat up, as well as a 20% increase in sales from last year's Diwali and Dhanteras.

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-PTC News with ANI inputs

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