Ahead of Diwali and Dhanteras gold price have surged by approximately 70% from March 2019 to March 2024. It is expected to cross Rs 80,000 per 10 grams by December. On January 1, 2024, the price of 24-carat gold (10 grams) stood at Rs 63,352 and has since risen to Rs 79,710. Due to the consistent rise in gold prices, the average daily turnover of gold in the global market in September reached Rs 18 lakh crore. Although this figure is 13 percent lower than in April 2024, it is still 32.51 percent higher than the 2023 average of Rs 13.6 lakh crore.
Factors Behind the Rise in Gold PricesGold prices have increased due to several factors, including geopolitical tensions stemming from the Russia-Ukraine war and the Israel-Gaza conflict. Additionally, the decision by China's central bank to cut its 1-year and 5-year prime loan rates by 25 basis points has also contributed to the rising prices, as noted in the report.