Gold and Silver Price on Dhanteras: There is news of great relief for those who buy gold and silver on Dhanteras (Dhanteras 2024). Just a day before Dhanteras, a huge drop in gold prices is observed. In fact, many gold coins and jewelery are sold on Dhanteras. In Indian tradition, buying gold on Dhanteras is considered auspicious.
On Monday, gold prices fell by Rs 400 per 10 grams. A day before Dhanteras, the price of 24 carat gold fell to Rs 81,100 per 10 grams. According to the All India Sarafa Association, by early Saturday the price of gold had risen to Rs 81,500 per 10 grams.
Gold becomes cheaper ahead of Dhanteras
Although the price of silver remains at Rs 99,500 per kg, on Monday night the price of 24 carat gold fell to Rs 81,100, the price of 23 carat gold decreased by Rs 400 to Rs 80,700 per 10 grams. While on MCX, the December gold futures contract is Rs 312 cheaper and is trading at Rs 78,220 per 10 grams. While the silver contract for December is trading at Rs 96,549 per kg, down by Rs 585.
It is noteworthy that in recent weeks there has been a tremendous increase in gold and silver prices. The pace is expected to continue in the future as well. The report by Motilal Oswal Financial Services Limited i.e. MOFSL states that in the next 12-15 months, the silver price on MCX is likely to reach Rs 1.25 lakh per kg and on Comex it will reach $40 per ounce .
Gold and silver may continue to rise higher
The MOFSL report states that silver has had a tremendous performance recently, where silver has given returns of over 40% annually. Domestically, silver has crossed the level of Rs 1 lakh per kg; The reason for the increase in demand is safe investment and strong industrial demand.
The MOFSL has made medium and long term projections for silver and gold, according to which in the long term, gold can reach the level of Rs 86,000 per 10 grams. While in the medium term, gold on Comex is expected to reach $2,830 and in the long term it is expected to reach $3,000.
According to MOFSL, due to market uncertainties, expectations of interest rate cuts, rising demand and falling prices of rupee, gold and silver will increase in 2024. However, if we talk Over the last five years, from Diwali 2019 to Diwali this year, gold has given a return of 103 per cent to investors.
Since 2011, there have been such occasions only twice, i.e. in 2015 and 2016, when gold has given negative returns in the 30 days leading up to Diwali. Barring 2022, pre-Diwali gains have consistently exceeded post-Diwali gains. Meanwhile, a report has emerged claiming that silver may perform equally or better than gold in the coming months.
