In India, there is a tradition of gifting during festivals. Dhanteras is a festival in which, according to the cultural inclination of Indians, buying gold or silver is considered auspicious. Apart from gold and silver, the markets selling other metals as per their capacity also shine on this day. Indians take the initiative to buy.
Gold prices surged over 0.5% to record highs on MCX, while silver jumped over 3%, driven by rising geopolitical tensions, central bank buying, and expectations of US Fed rate cuts.
There was a rise in the price of gold and silver this week. According to the India Bullion and Jewellers Association (IBJA), on the last trading day of last week, Friday, July 11, gold was at Rs 97,511, which has now reached Rs 98,243 per 10 grams on July 18.
