Mon Oct 14 16:15:50 UTC 2024: ## Gold Prices Soar to Record High Ahead of Diwali
**New Delhi, India -** Gold prices in India hit a new all-time high on Monday, reaching Rs 78,700 per 10 grams, driven by strong demand from jewellers and traders ahead of the Diwali festival. This surge comes despite a weakening global trend for the precious metal.
The All India Sarafa Association reported that gold prices rose by Rs 200 from Friday’s closing price of Rs 78,500. Similarly, silver prices jumped by Rs 500 to reach Rs 93,500 per kilogram, fueled by increased industrial demand.
Gold of 99.5% purity also reached a new high of Rs 78,300 per 10 grams, climbing by Rs 600 from the previous day’s close.
While gold prices have been weakening in international markets, the domestic market saw an increase in demand due to the upcoming Diwali festival. This has led to the rise in prices despite a stronger US dollar and Treasury yields, which typically exert downward pressure on gold.
In futures trading on the Multi Commodity Exchange (MCX), gold contracts for December delivery declined by Rs 207 or 0.27% to trade at Rs 76,100 per 10 grams.
Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, attributed the weaker international trend to long liquidation by short-term traders and a decrease in bullish bets on gold.
Despite the global weakening, the local demand surge for gold and silver is expected to drive prices even higher in the coming days as India prepares for the festive season.
First Piper 