Gold Prices Soar in India Amid Festive Demand and Global Market Uncertainty
Gold prices in India are experiencing a significant surge as investors react to a combination of festive demand and global market factors. In Delhi, the price of 24K gold jumped by ₹510, reaching ₹78,050 per 10 grams. Similarly, 22K gold increased by ₹470, now priced at ₹71,560 per 10 grams. The upcoming Dhanteras and Diwali festivals are driving strong consumer demand, as gold purchases are considered auspicious during this time of year. Globally, gold is trading near all-time highs, supported by uncertainties surrounding the U.S. elections and expectations of interest rate cuts from major central banks. As of Thursday, October 17, spot gold rose by 0.3% to $2,682.14 per ounce, while U.S. gold futures gained 0.2% to $2,697.40. This follows a high of $2,685.16 per ounce reached on Wednesday, October 16, just short of the previous record of $2,685.42 per ounce set on September 26. Gold's appeal as a safe-haven asset is further strengthened by the current geopolitical climate. Anal...