Kolkata: Some market analysts were a bit surprised when gold priced showed a downward trend last week. Ahead of the peak the gold buying season of Diwali-Dhanteras and wedding, the prices have moved up once again on Monday, October 13. Before Diwali, both gold and silver prices are steadily gaining a brighter glitter.
Fresh uncertainty over US-China trade war
Gold and silver prices have been setting new peaks regularly over the past several month. While there are domestic reasons such as the Diwali-Dhanteras season, there is also higher demand due to the wedding season. On the global scene, fresh threats of a tariff war between the two largest economies of the world — the US and China — have created fresh uncertainty, which makes it a conducive climate for a renewed thrust in gold and silver prices, the traditional safe haven metals of the world.
Buoyed by these factors, on Monday, October 13, gold prices rose by Rs 1,949 to quote at Rs 123,313 per 10 grams on the Multi-Commodity Exchange (MCX). The price of silver also jumped Rs 5,566 and reached a fresh peak of Rs 152,032 per kg.
Due to the reasons mentioned above, the surge in precious metal prices was noticed in the global markets too. On Monday, spot gold price surged 1.67% to trade at $4,051 per ounce.
Gold price at Tanishq
On the website of Tata jewelley brand Tanishq, price of 24-carat gold was being quoted at Rs 124,690 per 10 grams. This was the same level that was seen on October 12. The price of 22-carat gold stood at Rs 114,300 per 10 grams. There was no change in this variety too.
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