Nagpur gold rises Rs 300 to Rs 1,39,100 per 10 gram, silver up Rs 2,300 ahead of Diwali

Gold and silver prices have risen in the bullion market of Nagpur district ahead of Diwali. With jewellers and retail traders buying more, gold in the local market gained Rs 300 to reach Rs 1,39,100 per 10 gram. In the previous trading session it was at Rs 1,38,800 per 10 gram.

The rise in silver was even bigger. It jumped Rs 2,300 to Rs 1,85,300 per kg. In the previous trading session, silver was at Rs 1,83,000 per kg.

Gold prices had fallen sharply in October. The Diwali demand has now brought a modest recovery. Heavy selling was seen in the last days of October, and on Monday gold prices showed an attempt to recover.

According to bullion traders, the rupee's weakness against the dollar has also affected gold and silver prices. These metals are sold in dollars in the international market, so when the rupee weakens, the cost of dollar-denominated gold and silver goes up.

On the other hand, high crude oil prices continue to put pressure on the precious metals market. Diwali demand is thus supporting prices on one side, while oil prices and the weak rupee are weighing on them on the other. Where gold and silver prices go in the coming days will depend on the international market, the movement of the dollar and the rupee, and festival demand.

It is traditional to buy gold and silver jewellery and coins at Diwali. For this reason, the number of customers in Nagpur's bullion market has begun to rise. Both buyers and traders are watching the rise that has followed October's steep fall. However, prices may continue to fluctuate.

To sum up, gold in Nagpur is at Rs 1,39,100 per 10 gram and silver at Rs 1,85,300 per kg. In the previous trading session, gold was at Rs 1,38,800 per 10 gram and silver at Rs 1,83,000 per kg.