Gold made new all time high of 78450 rupees per 10 gm silver also going up due to festive demand.

Festive Season: The festive season has started in the country with the beginning of Navratri. As expected, gold prices have started soaring. On Friday, gold became costlier by about Rs 150 and reached Rs 78,450 per 10 grams. This is also its all-time high. On the other hand, silver is also not lagging behind in this race. There was a huge jump in the rate of silver by Rs 1,035 and it reached Rs 94,200 per kg.

There was a surge due to the tremendous demand from jewellers.

According to All India Sarafa Association, this surge has been seen due to the tremendous demand from jewelers and retailers during the festive season. On Thursday, gold had closed at Rs 78,300 per 10 grams. This rise in prices is happening due to increase in demand for gold and silver during Navratri. On Multi Commodity Exchange (MCX) too, December gold contracts increased by Rs 131 to Rs 76,375 per 10 grams. This is also close to its all-time high.

Silver moving rapidly towards the target of Rs 1 lakh per kg

Silver is also moving rapidly towards the target of Rs 1 lakh per kg. Its industrial demand was already strong. Now due to people’s demand during the festive season, jewelers are also purchasing more. December silver contracts on MCX (Multi Commodity Exchange) have also increased by Rs 219 to Rs 93,197 per kg.

A new record of gold rate can be made on Dhanteras

This rise in the rates of gold and silver may continue next week also. After Navratri in October, Diwali is also coming. There is huge purchase of gold and silver on the day of Dhanteras. It is believed that the gold rate can set a new record on Dhanteras.

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