Gold and Silver Prices Break Records on 19 October 2024: Diwali Brings Skyrocketing Rates
As the festive season draws near, gold and silver prices have soared to new heights, sending shockwaves through the bullion market. With Diwali just around the corner, those planning to buy precious metals for Lakshmi Puja will need to brace themselves for steeper prices. Gold has shattered previous records, while silver has surged dramatically, nearing the ₹1 lakh mark.
Gold Breaks All Records During Festive Rush
Gold, a key component of Diwali festivities, has seen unprecedented gains in October 2024. Experts had predicted that gold prices would reach ₹80,000 by Diwali, but the surge has surpassed expectations. Now, fears are mounting that gold may reach an astounding ₹85,000 per 10 grams before the festival.
The metal has experienced a volatile week, starting on a low note but quickly rebounding. On October 15, the price of gold dipped by ₹220, offering brief respite to buyers. However, the trend reversed on October 16, with prices jumping by ₹490, followed by another increase of ₹220 on October 17. By October 18, gold had climbed by ₹870, leaving the market buzzing with speculation.
According to GoodReturns, the latest prices for gold on 19 October 2024 are:
- 22-carat gold: ₹72,550 per 10 grams
- 24-carat gold: ₹79,130 per 10 grams
Silver Takes a Big Leap Towards ₹1 Lakh Per KG
While gold has been stealing the spotlight, silver has quietly made significant strides. Despite no major developments in silver prices over the past 20 days, the metal took a sharp leap on October 18, adding ₹2,000 to its price. This brings the current silver rate to ₹99,000 per kilogram, a significant rise that will impact those looking to buy silver for Diwali.
Previously, silver had fluctuated between increases and decreases. On October 5, silver prices rose by ₹2,000, only to drop by ₹3,000 on October 8 and 9. But the metal’s latest surge indicates rising demand as the festive season intensifies.
Price of 14 to 24 Carat Gold Today
According to the Indian Bullion and Jewelers Association (IBJA), today’s rates across different gold carats are:
- 24-carat gold: ₹77,410 per 10 grams
- 23-carat gold: ₹77,100 per 10 grams
- 22-carat gold: ₹70,908 per 10 grams
- 18-carat gold: ₹58,058 per 10 grams
- 14-carat gold: ₹45,285 per 10 grams
Silver prices have risen to ₹92,283 per kilogram in the bullion market. In the futures and international markets, prices differ due to the absence of duties and taxes, unlike the bullion market where additional costs are included.
Outlook for Buyers
With gold prices continuing to rise, buyers should prepare for further hikes as Diwali approaches. Both gold and silver are expected to remain on an upward trend, and those looking to invest should act quickly or prepare to spend more in the coming days.
