New Delhi, Nov 5 (PTI) Gold prices extended the festive rally for a second day in the national capital on Thursday, rising by Rs 2,200 to Rs 1.48 lakh per 10 grams on buying by jewellers and retailers ahead of the Dhanteras festival.
The 99.9 per cent purity precious metal appreciated by Rs 2,200 to Rs 1,48,800 per 10 grams, inclusive of all taxes, from Wednesday’s close of Rs 1,46,600 per 10 grams, according to the All India Sarafa Association.
Silver prices also extended gains, climbing Rs 1,500 to Rs 1,94,500 per kg, inclusive of all taxes, from Rs 1,93,000 per kg in the preceding session.
Traders said bullion buying gathered pace as jewellers, retailers and stockists stepped up purchases ahead of Dhanteras on Friday, an auspicious occasion for buying precious metals, followed by Diwali on Sunday.
Investment demand also supported buying interest, they added.
The festive-season rally comes against the backdrop of a sharp year-on-year rise in precious metal prices. On Dhanteras last year, celebrated on October 18, gold was priced at Rs 1,32,400 per 10 grams and silver at Rs 1.7 lakh per kg.
Gold has gained around 13 per cent since then, with domestic prices moving in the Rs 1.40-1.48 lakh range, said Dhruv Joglekar, Assistant Fund Manager at Monarch PMS.
The returns have comfortably outperformed typical-capital protection baselines in an highly volatile year, he added.
On the global front, spot gold climbed USD 65.12, or nearly 2 per cent, to USD 4,125.25 per ounce, crossing the USD 4,100 mark. Silver also rose 1 per cent to USD 52.73 per ounce.
Spot gold advanced towards USD 4,127 per ounce as crude oil prices declined amid speculation that the US could seek an early resolution to the Iran conflict, said Praveen Singh, Head of Commodities at Mirae Asset Sharekhan.
US Vice President JD Vance attributed the Republican Party’s poor performance in the midterm elections to the Iran conflict, fuelling expectations that the Trump Administration could explore a deal with Tehran.
The prospect of easing geopolitical tensions and concerns over war funding weighed on oil prices, Singh said. PTI HG HG MR
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