Gold and Silver Prices Surge Ahead of Diwali: Mumbai Sees Highest Prices

As the festival of Diwali approaches, people in Mumbai are flocking to jewellery stores to purchase gold and silver, despite the increasing prices. The traditional belief of buying these metals on Dhanteras is considered to bring good fortune and prosperity. According to the current market rates, the price of 24-carat gold in Mumbai is Rs 1,29,477 for 10 grams, while 22-carat gold is priced at around Rs 1,18,687.

Key Takeaways:

• The gold prices in Mumbai have reached an all-time high of Rs 1,28,395 per 10 grams on October 16, with a surge of Rs 1,185 in the domestic futures trade.
• The price of 10 gm silver is approximately Rs 2060 in Mumbai, with a 1% increase in the silver futures.
• Delhi, Kolkata, Surat, Lucknow, and Hyderabad have similar gold price ranges, with 10 gm 24-carat gold prices ranging from Rs 1,29,475 to Rs 1,29,538.
• The prices of 22-carat gold in these cities range from Rs 1,18,685 to Rs 1,18,849.
• The belief of buying gold and silver on Dhanteras is rooted in tradition, with devotees worshiping Lord Dhanvantari and cleansing their homes to welcome fortune.
• Dhanteras will be celebrated on October 18 this year, marking the auspicious beginning of Diwali.

Statistics:

• October 16: Gold price in Mumbai: Rs 1,28,395 per 10 grams, silver price: Rs 1,63,812 per kg.
• Gold price in Mumbai: Rs 1,29,477 per 10 grams for 24-carat, Rs 1,18,687 for 22-carat.
• Silver price in Mumbai: Rs 2060 per 10 gm.
• Delhi: Gold price for 10 gm 24-carat: Rs 1,29,623, 22-carat: Rs 1,29,623.
• Kolkata: Gold price for 10 gm 24-carat: Rs 1,29,475, 22-carat: Rs 1,18,685.
• Surat: Gold price for 10 gm 24-carat: Rs 1,29,538, 22-carat: Rs 1,18,748.
• Lucknow: Gold price for 10 gm 22-carat: Rs 1,18,849, 24-carat: Rs 1,29,639.
• Hyderabad: Gold price for 10 gm 24-carat: Rs 1,29,479, 22-carat: Rs 1,18,689.

Sources:

• Indian National Press (Bombay) Pvt. Ltd., distributed by Contify.com (no date specified)
• Contify.com (no date specified)