Silver Rally Cools Ahead of Dhanteras, Gold Bull Run Continues

Ahead of Dhanteras and Diwali, gold continued its rally, hitting a new high of Rs 1,32,770 per 10 grams for 24-carat gold. The yellow metal surged Rs 3,330 (2.57%) in a single day amid global uncertainties, prompting investors to move towards safe-haven assets.

The price of 22-carat gold rose Rs 3,050 (2.57%) to Rs 1,21,700 per 10 grams, while 18-carat gold climbed Rs 2,500 (2.57%) to Rs 99,580.

In Hyderabad, 24-carat gold was priced at Rs 1,32,770, 22-carat at Rs 1,21,700, and 18-carat at Rs 99,580 per 10 grams.

Meanwhile, Gold MCX traded at Rs 1,31,892 per 10 grams, up Rs 2,040 or 1.57% as of 10:20 am on October 17.

Ahead of Dhanteras on October 18, silver prices corrected. The cost of one kilogram of silver fell Rs 4,000 (−2.12%) to Rs 1,85,000 in a single day.

As per tradition, most Indian households purchase silver or gold on Dhanteras.

In Hyderabad, silver remained above Rs 2 lakh, though it declined Rs 3,000 (−1.46%) to Rs 2,03,000 per kg, down from Rs 2,06,000 on October 16.

Over the past month, silver has recorded massive gains. In Hyderabad, it rose from Rs 1,42,000 per kg on September 17 to Rs 2,03,000 on October 17 — a jump of Rs 61,000 (42.9%).

Silver MCX traded at Rs 1,69,716, up Rs 2,053 or 1.22% as of 10:20 am.