Gold Prices Touch Record High Ahead of Diwali as Bullion Demand Strengthens

Mumbai, October 16: Gold rates scaled a new peak before Diwali and the wedding season as demand was still holding firm despite the rate hike. Customers are more interested in taking physical bullion, such as coins and bars, over conventional purchases of jewellery.

The precious yellow metal reached ₹1,28,395 per 10 grams on the Multi Commodity Exchange (MCX) in Thursday’s session, a new record at domestic trade. Market sentiment has been robust with investors seeking to book current prices in expectation of additional gains during the festival season.

Sales of jewellery have softened a little, though demand for gold and silver bars has increased sharply due to investment demand as well as festive buying. Old gold recycling has also picked up as families gear up for wedding season and festival gift-giving.

The blend of local festival demand, changing consumer trends, and international price momentum continues to put bullion in sharp spotlight this festive season, turning gold into one of the most desirable assets leading up to Diwali.

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