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Summary:

Gold prices in India have been declining for the past three days, with 24-carat gold becoming cheaper by ₹290 per 10 grams during this period. This decline also follows a significant drop in prices around Dhanteras (₹1910 cheaper per 10 grams). Today, both 24-carat and 22-carat gold decreased by ₹10 per 10 grams. Silver prices have also fallen after two days of stability, decreasing by ₹8,100 per kilogram in Delhi over two days, now selling at ₹1,63,900 per kg.

The article provides the current gold rates (22K and 24K) in major Indian cities. An expert predicts gold prices could reach ₹1.50 lakh per 10 grams in the coming months due to global factors and demand, but also suggests a potential short-term correction to ₹1.15 lakh.

News Article:

Gold Loses Luster in India: Prices Continue to Dip After Diwali

New Delhi: The festive glow of Diwali seems to have faded for gold enthusiasts as prices continue a downward trend. For the third consecutive day, gold prices in India have slipped, with 24-carat gold becoming ₹290 cheaper per 10 grams over the last three days. This follows a significant price drop before Diwali, around Dhanteras.

Today, both 24-carat and 22-carat gold saw a further decrease of ₹10 per 10 grams. Silver prices are also feeling the pressure, experiencing a decline after a period of stability. In Delhi, silver has become cheaper by ₹8,100 per kilogram over the past two days, now trading at ₹1,63,900 per kg.

Here’s a snapshot of gold prices (per 10 grams) in major cities:

  • Delhi: 24K – ₹1,30,720; 22K – ₹1,19,840
  • Kolkata & Mumbai: 24K – ₹1,30,570; 22K – ₹1,19,690
  • Chennai: 24K – ₹1,30,920; 22K – ₹1,20,010
  • Hyderabad & Bangalore: 24K – ₹1,30,570; 22K – ₹1,19,690
  • Patna: 24K – ₹1,30,620; 22K – ₹1,19,740
  • Lucknow: 24K – ₹1,30,720; 22K – ₹1,19,840
  • Ahmedabad: 24K – ₹1,30,620; 22K – ₹1,19,740
  • Jaipur: 24K – ₹1,30,720; 22K – ₹1,19,840

Despite the recent dip, experts predict a potential surge in gold prices in the coming months. Anant Padmanabhan, Founder Member and Former Chairman of the All India Gem and Jewellery Domestic Council (GJC), anticipates gold could reach ₹1.50 lakh per 10 grams due to strong global demand and central bank purchasing. He cites factors such as ongoing geopolitical tensions (Russia-Ukraine war) and unresolved trade issues between China and the US as potential drivers for this increase.

However, Padmanabhan also cautioned that a short-term correction could bring prices down to ₹1.15 lakh per 10 grams temporarily, driven by profit-taking. Investors are advised to consult with certified experts before making any investment decisions.

Silver’s Slide: Silver prices have also weakened, with Delhi seeing a drop of ₹100 per kg today, following an ₹8,000 decrease the previous day. The price of silver in Chennai remains the highest among the four major cities, at ₹1,81,900 per kg.

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