Gold rate in India continue to hover near record high levels ahead of key festivals Diwali 2024 and Dhanteras 2024. Scores of buyers in India flock to jewellery shops to buy gold and silver coins or jewellery items. The most-awaited festival Diwali is just a few days away while Dhanteras will be celebrated on October 29, 2024.

Diwali 2024 Date: This year a lot of confusion occurred pertaining to Diwali date. However, as per the Drik Panchang, the auspicious Diwali Festival will be celebrated on October 31. And, Lakshmi Puja will be performed on October 31 because the Amavasya moon has visibility on that day.

Diwali 2024 Puja Timings & Shubh Muhurat: The festival will be celebrated on October 31. The Lakshmi Puja Muhurat will be between 6:10 pm to 8:41 pm on October 31.

Gold Price Today In India: 22K gold prices today edged up by Rs 650 to Rs 73,600/10 grams and 100 grams of 22 carat yellow metal prices today jumped by Rs 6500 to Rs 7,36,000. 24k gold prices today rose by Rs 710 to Rs 80,290/10 grams and 100 grams of 24 carat precious metal prices today rose by Rs 7100 to Rs 8,02,900. 18k gold prices today rallied by Rs 530 to Rs 60,220/10 grams and 100 grams of 18 carat gold price today zoomed by Rs 5300 to Rs 6,02,200.

1 gram gold price today for 22k in India today is Rs 7,360 after gain of Rs 65. 1 gram gold rate today for 24k turned expensive by Rs 71 to Rs 8029. 1 gram gold rate today for 18 carat rallied by Rs 53 to Rs 6022.

Silver Prices Today In India: Silver price in India today steadied after sharp fall of Rs 6000 in just 2 days. 1 kg silver prices today remained stable at Rs 98,000. 100 grams silver prices in India today stood at Rs 400 to Rs 9,800.

Should You Buy Gold In India As Prices Hit Record High? According to Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Limited (RSBL), “Buying gold this Diwali 2024, despite record-high prices, can still be a prudent decision depending on your financial goals. With gold prices already at a peak, there’s a chance of corrections, which may result in short-term losses if you buy at these levels. But in the longterm, it is beneficial to diversify portfolio with gold due to following:

Hedge Against Volatility: Gold serves as a safe-haven asset during economic uncertainty or inflation, which remains a concern globally.

Festive Demand and Sentiment: Diwali and Dhanteras are auspicious occasions in India for gold purchases, which could keep prices stable or drive them higher.

Long-term Potential: Historical trends show that even after corrections, gold prices tend to rise over time, providing average CAGR returns of 10-12% in the long run

If you’re buying for festive or traditional purposes, it might be worth purchasing smaller quantities. For investment purposes, staggered purchases (like gold ETFs or

Digital Gold) over time could help mitigate the impact of price volatility. This way, you can enjoy the benefits of gold while managing risks more effectively.”

Meanwhile, Saiyam Mehra, Chairman – All India Gem and Jewellery Domestic Council (GJC) said, “this Diwali, gold prices may be at a record high, but it’s essential to look beyond short-term fluctuations. From an investment perspective, gold is a solid choice for the long haul, say 5-10 years. And, with the current demand shift towards lightweight jewellery, you can invest in gold without breaking the bank. Consider buying gold in smaller quantities, like coins or pendants, which are not only affordable but also stylish. Additionally, if gold’s high prices are a deterrent, consider silver as a valuable alternative investment option. Silver has its own set of benefits and is often more budget-friendly. So, this Diwali, take a smart approach to investing in precious metals – opt for gold or silver, and make a valuable addition to your investment portfolio.”

On the other hand, Dishi Somani, Founder of Dishi S Designer Jewellery said, “with the festive season of Diwali fast approaching, more and more people are pondering the practicality of investing in gold, especially now that the prices have hit an all-time high. Buying gold at elevated prices may not yield quick returns. However, if you want to buy gold this Diwali, make strategic considerations. Consider in what form you want to acquire gold so that you can compare the positives and negatives of each regarding the resale value and liquidity. Next, consider buying small quantities from time to time; this may help average out the price volatility. Whether to buy gold this Diwali depends upon your circumstances and priorities. It is a very relevant investment only if it goes in sync with your cultural practices and financial strategy. If investment returns are the only thing you value, then perhaps it would be a better idea to wait for a condition that suits the market.”

Story first published: Saturday, October 26, 2024, 12:44 [IST]