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From Diwali to Dollars: The Shocking Impact of the Israel War on Gold Prices

Gold-Silver Price Today: Is It a Good Time to Buy Gold for Diwali and Dhanteras?

Intriguingly, the prospect of buying affordable gold this Diwali and Dhanteras might not be as promising as you think. Due to escalating tensions in the Middle East, both domestic and global gold markets are witnessing a rapid surge in the prices of the precious metal. In just the past two days, the value of gold has escalated by a whopping 1000 Indian Rupees.

Gold Could Get Even Pricier

Currently, the price of gold on the Multi Commodity Exchange is at INR 57,670 per 10 grams, with a 0.07% increase. Experts speculate that gold prices may continue to rise, with an expected increase of INR 2,500 to INR 3,000 in the coming days.

Silver Also Experiences a Surge

On the Multi Commodity Exchange, the price of silver has surged by 0.19%, reaching INR 69,046 per kilogram. Global markets are also witnessing an uptick in gold and silver prices, with gold priced at $1,860.20 per ounce in the US market and silver at $21.82 per ounce.

The Rising Gold Prices – What’s the Cause?

According to the National Secretary of the Indian Bullion and Jewellers Association (IBJA), Surendra Mehta, the recent Israel-Hamas conflict has prompted people to seek secure investment options. This increased demand for gold has driven up its prices. In the short term, gold prices might touch INR 58,500.

The Price of 22 Karat Gold

In the capital city, the price of 22 karat gold is INR 53,800 per 10 grams. In Chennai, gold is available at the same rate, while in Ahmedabad, it’s INR 53,700. In other major cities like Bangalore, Hyderabad, Kolkata, and Mumbai, you can expect to find 22 karat gold at INR 53,650 per 10 grams.

Is It the Right Time to Invest in Gold?

The surge in gold and silver prices is influenced by geopolitical factors. As people seek safe investment options, the demand for gold has spiked. While this is excellent news for those who have already invested in gold, it might not be the best time for new buyers. The anticipated further increase in gold prices suggests that waiting for a more favorable market might be a wise decision.

Conclusion

With escalating tensions in the Middle East and rising demand for safe investments, the prices of gold and silver have soared in both domestic and global markets. While current gold owners may reap the benefits of these soaring prices, new buyers might want to hold off until the market stabilizes.