Gold Prices Surge Nearly 30% Ahead of Dhanteras and Diwali 2024

Gold prices have surged nearly 30% over the past year in anticipation of Dhanteras and Diwali, currently hovering just below ₹80,000 per 10 grams. According to a report citing data from the Indian Bullion and Jewellers Association (IBJA), gold prices during this year's Dhanteras and Diwali season reached ₹78,700 per 10 grams, up from ₹60,750 last year.

The report indicated that, as of October 23, 2024, gold prices according to the IBJA were ₹78,703 per 10 grams for 24-karat gold and ₹72,092 per 10 grams for 22-karat gold. According to a report of Hindustan Times, The record high prices are also not expected to slow down demand for gold in Dhanteras, which will be celebrated on October 29 and Diwali, which will be celebrated on October 31.

Factors Behind the Rise in Gold Prices
Gold prices have increased due to several factors, including geopolitical tensions stemming from the Russia-Ukraine war and the Israel-Gaza conflict. Additionally, the decision by China's central bank to cut its 1-year and 5-year prime loan rates by 25 basis points has also contributed to the rising prices, as noted in the report.