New Delhi: It is a well-established fact that gold buying peaks in Dhanteras every year. The two are inextricably linked in the Indian ethos with citizens trying to pay obeisance to Lakshmi, the goddess of wealth and prosperity on that evening by purchasing an amount of gold. While the yellow metal is regarded as a symbol of prosperity and fortune, silver, too is not to be left far behind in its cultural significance.
The trouble this year is, however, that the price of both metals are almost relentlessly rising. Compared to last year, the price of gold has risen by an eye-popping 26%. This is by comparing the prices of 24 karat of the metal of prices before Dhanteras in 2023 and 2024.
Gold Prices Before Dhanteras: Comparing 2023 and 2024
Going by the data of the India Bullion and Jewellers Association (IBJA), the price of gold was just above the Rs 62,000 level on November 9, 2023, which was on the eve of Dhanteras last year. The prices for 24 karat variety of the metal were Rs 62,160 in Mumbai, Rs 62,280 in Chennai, Rs 62,360 in New Delhi and Rs 62,525 in Kolkata. This year the price of 10 grams of the 24 karat gold has risen to an astounding Rs 78,505 on October 26, 2024, which means a 25.88% jump 72 hours before Dhanteras a year later.
Silver Prices Before Dhanteras: 2023 vs 2024 Analysis
The prices of silver have risen much faster. The price of 1 kilo of this precious metal stood at Rs 73,200 on November 9, 2023, in New Delhi, Mumbai and Kolkata and at Rs 76,200 in Chennai. However, this year the prices have risen to Rs 96,552 on October 26 this year. This makes the jump in silver prices at an eye-popping 31.90% compared to the price level just before Dhanteras last year. In fact, the price of silver breached the psychologically important Rs 1 lakh level last week before crawling down to the current levels. One has to bear in mind that 3% GST is applicable on gold and silver, adding to the price pains for a vast majority of the Indian consumer.
