Gold rate today on October 30 in Delhi, Mumbai, Kolkata, Chennai: Here are latest gold, silver prices in your city

As the festive season brings Diwali, Dhanteras, and Govatsa Dwadashi, gold and silver prices are reaching new heights. The price of 24-carat gold is nearing the Rs 80,000 per 10 grams mark, largely driven by the traditional surge in demand during this period. It is common for individuals to purchase gold around the festivities, both as an investment and as gifts for loved ones.

Gold prices have shown significant week-on-week fluctuations, influenced by rising geopolitical tensions and increased festive demand. Viewed as a safe-haven investment, gold continues to be a favored choice for investors seeking security and stability amid uncertain times.

Gold continues the upward movement 

Gold prices have surged nearly 37% over the past year, driven by fluctuating currency rates and ongoing geopolitical instability. This significant increase compared to October of last year underscores gold’s enduring appeal as a safe-haven investment during uncertain times.

Also ReadGold shines bright! Up 30% from Dhanteras 2023: Track how gold performed in last 10 years

A two-year analysis reveals even more dramatic growth, with gold prices soaring by 64% since October 2022. This sharp rise highlights the strong influence of global factors, including economic concerns and geopolitical tensions, on the demand for the precious metal. As currency volatility and external pressures persist, gold remains a crucial asset for investors seeking stability.

Experts on Gold & Silver Outlook 

Commenting on the gold outlook Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities  said that Gold prices in MCX remained positive, rising above Rs 78,750, with Dhanteras adding enthusiasm for long positions. More buying occurred on this auspicious day, pushing prices up by over Rs 200 on MCX and trading above Rs 80,000 in the physical jewelry market.  

Kalantri also added that the upcoming U.S. economic data, including NFP and unemployment reports, may influence gold’s movements, with major support at Rs 77,000 and immediate resistance at Rs 81,500.

Why is gold a safe haven investment?

Gold is widely regarded as a safe-haven investment, providing protection against monetary expansion and helping to preserve currency value. As central banks increase the money supply, gold acts as a hedge against potential currency devaluation, making it a reliable asset in uncertain economic conditions.

Its resilience against inflation further enhances its appeal. As the cost of living rises, gold’s value often increases,

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