On Dhanteras, Gold and Silver Prices Shoot Up

While the price of gold has climbed by nearly Rs 200 in markets, the price of silver has shot up by Rs 600 per gram.

Published25 Oct 2019, 09:24 AM IST
2 min read

The festive season is here and people have made complete preparations for shopping. During Dhanteras and Diwali, people across the country honour Laskshmi, the Goddess of wealth and prosperity.

The most popular purchases at this time are gold and silver, which is why their prices have gone up on Dhanteras. While the price of gold has climbed by nearly Rs 200 in the market, the price of silver has shot up by Rs 600 per gram.

Gold Prices in Big Cities Today

  • Delhi- 38,800
  • Mumbai- 38,900
  • Chennai- 38,900
  • Ahmedabad-39,000
  • Hyderabad- 38,900
  • Bangalore- 38,800

Preference for Silver

On the occasion of Dhanteras, people tend to shop more for silver than for gold. People bring home silver coins which carry images of the goddess Lakshmi and they worship them. This is the reason why the price of silver has risen suddenly.

On Thursday, the price of silver stood at Rs 45,992 per kg while it rose to Rs 46,589 on Friday.

At the same time, gold is selling at Rs 38,392 per 10 grams.

Notably, the prices of both these gold and silver are fluctuating constantly. But you can click here and check the latest prices of both the precious metals.

Should You Invest in Gold?

Those who invest in gold also believe that Dhanteras is an auspicious day to buy gold. Experts too say that Dhanteras and Diwali are good times for such shopping and suggest that buying gold is a good bet.

According to the commodities expert Anuj Gupta, in the last five years, gold has given almost 44 percent returns, while if one looks at data for the last 10 years, the figure goes up to 115 percent.

In comparison, equities have given 40 percent returns in the five-year period.

He suggested buying gold ETFs (exchange traded funds) or bonds. Stock brokers, quoted by PTI, too, said the trend to go for gold ETFs has been gaining popularity as it offers quick liquidity and does not involve any making charge.

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