Gold, silver prices soar to record high ahead of Dhanteras; yellow metal nears Rs 1.29 lakh per 10g

In this festive season, with just a few days left for Dhanteras and Diwali, silver and gold prices have once again touched their all time high. On MCX, the white metal reached a new record of Rs 1,65,963 per kg. Meanwhile, gold too us holding strong, and running at its life-time high value of Rs 1,28,990 per 10 grams.

Gold price today

As per MCX, at the time of writing, yellow metal is trading at Rs 1,28,986 an up with 1.36 per cent. And, yesterday it was running around Rs 1,27,740, that means till now, it has been surged by Rs 1,246.

In the international market, the Gold prices are running at $4,272. This continued upward momentum was driven by weakness in the dollar value, expectations of possible US Federal rate cuts and strong Gold ETFs demand.

Silver hits new highs

Whole day silver prices was running around Rs 1,63,500 to Rs 1,64,550. But a sudden rise has been observed at around 8:30 pm when it touched its peak by trading at Rs 1,65,963 per kg. Since yesterday, silver has jumped by Rs 1,413, and with the festive season in full swing, its prices could rise even further in the coming days.

Compared to yesterday, the white metal has been jumped by Rs 1,413, and with the festive season in full swing, its prices could rise even further in the coming days.

Silver and gold prices may climb further amid festive demand

Manoj Kumar Jain, Head of Commodity Research at Prithvi Finmart, said, “Gold and silver extended their gains and hit fresh lifetime highs in both global and domestic markets. The fall in the dollar index amid US-China trade tensions and increased expectations of a Fed rate cut in the upcoming October policy meeting have fueled safe-haven buying.”

Jain noted that the dollar index weakened due to ongoing trade conflicts between the US and China, which boosted investor appetite for gold and silver. He added that “robust investor demand and safe-haven buying are likely to keep prices elevated in the near term, though volatility may persist.”