Gold prices in India were up on Friday, November 3, amid higher demand in the spot market. In Delhi, 22-carat gold prices rose Rs 100 to Rs 56,750 per 10 grams and 24-carat was also up at Rs 61,900 per 10 grams. Silver, on the other hand, was down at Rs 74,100, which is lower by Rs 700 as compared to the previous close.
In Mumbai and Kolkata, the price of 22-carat gold stood at Rs 56,600 per 10 grams and that of 24-carat at Rs 61,750 per 10 grams, according to Goodreturns.in. In Bengaluru and Chennai, the prices of 10 grams of 22-carat gold stood at Rs 56,600 and Rs 57,000, respectively; while the prices for 24-carat were at Rs 61,750 and 62,180, respectively.
In Hyderabad, gold prices were at Rs 56,600 and Rs 61,750 per 10 grams for 22-carats and 24-carats.
In the futures market, gold prices were up by 0.05 per cent at Rs 60,940 per 10 grams in the morning trade, while silver was trading down by 0.19 per cent at Rs 71,263 per kg on the MCX.
In the international market, gold prices were up marginally at $1,987.1 an ounce, while silver was slightly down at $22.77 an ounce.
Gold Demand In India
Gold demand in India, the world’s second-largest consumer of the yellow metal, rose 10 per cent to 210.2 tonnes during the third quarter of this calendar year, aided by the softening of gold prices and festive demand, according to the World Gold Council (WGC).
WGC India Regional CEO Somasundaram P R has told PTI that gold prices softened a bit during the last quarter but now they have started inching up. Prices will play a critical role during the Dhanteras festival and wedding season in the next two months.
Trade feedback is that consumers have accepted the ₹60,000 per ten-gram price point, so a downward correction could trigger a significant jump in demand.
Dhanteras is considered the most auspicious day in the Hindu calendar for buying items ranging from precious metals to utensils, to other valuables.
India’s gold demand increased to 210.2 tonnes during the third quarter of 2023 calendar year, from 191.7 tonnes in the year-ago period.
Jewellery demand rose 7% in the quarter under review to 155.7 tonnes from 146.2 tonnes, while that of bar and coin demand increased by 20% to 54.5 tonnes from 45.4 tonnes, it said.
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