Mon Oct 13 08:20:00 UTC 2025: Okay, here’s a news article summarizing the provided text:
**Gold and Silver Prices Skyrocket in India Ahead of Diwali**
**New Delhi, India – October 13, 2024** – Gold and silver prices in India have surged dramatically today, October 13th, driven by global economic factors and increased local demand ahead of the auspicious Dhanteras and Diwali festivals.
Gold prices jumped by ₹2244 per 10 grams, while silver saw a staggering increase of ₹6625 per kilogram. As of today, 24-carat gold is priced at ₹127482 per 10 grams inclusive of GST, and silver has reached ₹176258 per kilogram including GST.
The Indian Bullion and Jewellers Association (IBJA) reported the opening price for 24-carat gold (excluding GST) at ₹123769 per 10 grams, a significant rise from Friday’s closing price of ₹121525. Similarly, silver opened at ₹171125 per kilogram (excluding GST), compared to its previous close of ₹164500.
These sharp increases have been building throughout October, with gold prices rising by ₹8420 per 10 grams and silver prices increasing by ₹22066 per kilogram this month alone.
**Price Breakdown (Including GST):**
* **24 Carat Gold:** ₹127482 per 10 grams
* **23 Carat Gold:** ₹126971 per 10 grams
* **22 Carat Gold:** ₹116773 per 10 grams
* **18 Carat Gold:** ₹95611 per 10 grams
* **14 Carat Gold:** ₹74577 per 10 grams
* **Silver:** ₹176258 per kilogram
**Contributing Factors:**
Several global factors are contributing to this price surge:
* **Global Instability:** Uncertainty in global financial markets due to the potential US government shutdown and political turmoil in France.
* **US Federal Reserve Policies:** Anticipation of interest rate cuts by the US Federal Reserve and a weakening dollar have boosted investor interest in gold.
* **Central Bank Gold Purchases:** Central banks worldwide have significantly increased their gold reserves, doubling global holdings over the past decade.
**Indian Market Dynamics:**
* **Import Dependence:** India heavily relies on gold imports, making local prices sensitive to global market fluctuations.
* **Rupee Depreciation:** The Indian rupee has weakened by 3.8% this year, making gold more expensive in rupee terms.
* **RBI Gold Reserves:** The Reserve Bank of India (RBI) has been increasing its gold reserves from 8.1% in 2023 to a targeted 14% by September 2025, reflecting confidence in the precious metal.
Consumers planning to purchase gold and silver for Dhanteras and Diwali should be prepared for these elevated prices. Financial experts suggest considering the long-term investment potential of gold amidst continuing global uncertainties.
First Piper 