Gold Silver Prices Today: Strong rise in gold prices in Delhi for the second consecutive day! Silver jumped by ₹4,500, know the latest price

Amid the ongoing boom in global commodity markets and huge demand during the festive season, the shine of precious metals in the Indian bullion markets has reached a new record level. On Saturday, October 10, a strong rise in gold prices was recorded for the second consecutive day in the wholesale and retail bullion markets of the national capital Delhi. The price of 24 carat pure gold is trading at historical levels with an increase per 10 grams. At the same time, on the basis of industrial demand and international speculation, an unexpected rise in silver has been seen. The price of silver in Delhi bullion market has jumped by ₹ 4,500 per kg in a single day. Just before the upcoming Karva Chauth, Dhanteras and Diwali, the sharp rise in prices of both the precious metals has left retail buyers and jewelery manufacturers stunned.

According to the latest data released by All India Bullion Association and leading bullion traders, today’s prices in major cities of the country including Delhi were recorded as follows:

Note: There may be a slight difference in the retail price of finished jewelery due to the addition of 3% GST and making charges separately at local jewellers.

This sharp jump in silver prices is not only driven by jewelery demand, but many major industrial and global factors are at work:

1. Industrial and Green Energy Demand: Silver consumption in solar energy (solar panels), electric vehicle (EV) batteries, 5G telecom hardware and semiconductor manufacturing has reached its highest level globally.

2. Reduction in global supply: The international supply deficit has deepened due to disruptions in silver mining from major producing mines like Mexico and Peru.

3. Fall in dollar index: Hedge funds have built up heavy positions in silver futures contracts due to weak US economic data and the possibility of an interest rate cut by the Federal Reserve.

The strengthening of gold for the second consecutive day is getting direct support from the global political and economic scenario. Demand for gold as safe-haven assets has unexpectedly increased due to persistent military tensions in West Asia and the Red Sea region. Moreover, there is a rush by central banks around the world to add gold to their foreign exchange reserves by reducing the proportion of dollars. At the domestic level, with the festive season and marriage auspicious approaching, wholesalers and stockists are preparing advance inventory, due to which suppliers are getting huge premium in the spot market.

To avoid adulteration and fraud amid rising prices in the market, it is mandatory to follow the rules of the Bureau of Indian Standards (BIS). While buying jewelery always ensure that the jewelery has a 6 digit alphanumeric HUID (Hallmark Unique Identification) The code must be written as follows:

• 24K (999 Hallmarked): Suitable for investment as coins, biscuits and bars.

• 22K (916 Hallmarked): Standard purity for traditional Indian jewelery and intricate designs.

• 18K (750 Hallmarked): Strong and durable alternative to jewelery set with diamonds and precious stones.

Traders of Aminabad, Chowk of Lucknow, Nayaganj of Kanpur and Kucha Mahajani bullion market of Delhi believe that this strength in prices may continue till Dhanteras. In such a situation, customers who are planning festive shopping are turning to lightweight designer jewelery or digital gold/gold ETFs instead of heavy jewellery.