The price of gold in Delhi also came down to ₹79,763 for 10 grams by the end of the business day on Saturday, 26 October 2024.
Relative to yesterday’s price of 10 grams at ₹80053, it has dipped slightly, though not significantly, from ₹79593 also per 10 grams marked a week before today on the 20th of October 2024. The recent oscillations pertained to the gold prices during the festivity season, which includes Dhanteras; the Dhanteras is originated on October 29, 2024, and Diwali on October 31, 2024.
However, since the start of the year, gold prices have risen at least 30% as compared to the same period last year. This constant increase can, however, be associated with a number of things, including the Russia-Ukraine war and the ever-simmering Israel-Gaza conflict.
Also, economic policies adopted by some of the key players in the global market, such as a recent cut in the one-year and five-year prime loan rates by China’s central bank, have also impacted the gold market.
As for the stock market, it has been in pretty deep trouble this week as compared to the beautifully sunny days in the gold market. Investors suffered through a rough day on the stock market as the market closed in the red to end the trading session on Friday, 25th October 2024. Pundits believe that fear could be sawn in many ways, including inflationary fear, interest rates oscillation, and geopolitical fear in the realm of stock market stability.
As the holiday season draws near, investors focus on and watch the gold market along with the general equities market as they adjust their portfolios and prepare for the cultural event like Dhanteras Diwali.
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