The glitter of gold continues to captivate Indian investors as prices witnessed significant movement across major cities on Thursday, November 2. With festive season demand picking up momentum, bullion markets in key metropolitan centers reported varied but generally positive trends.
Metropolitan Gold Price Breakdown
Here's a detailed look at how gold performed in India's top five cities:
Mumbai: The Bullion Capital
The financial hub saw 24-carat gold trading at ₹6,250 per gram, while 22-carat gold was priced at ₹5,730 per gram. Mumbai's Zaveri Bazaar remained active with both retail buyers and institutional investors showing keen interest.
Delhi: Steady Demand Continues
The national capital reported 24-carat gold at ₹6,265 per gram, with 22-carat variety available at ₹5,743 per gram. Market analysts noted consistent buying from both wedding-season shoppers and long-term investors.
Chennai: Southern Shine
In the southern metropolis, 24-carat gold glittered at ₹6,240 per gram, while 22-carat gold was valued at ₹5,720 per gram. Traditional gold buying for festive occasions contributed to steady market activity.
Kolkata: Eastern Elegance
The City of Joy recorded 24-carat gold at ₹6,230 per gram and 22-carat gold at ₹5,710 per gram. Local jewelers reported increased footfall as the festival season approaches.
Bengaluru: Tech City's Golden Touch
India's silicon valley saw 24-carat gold priced at ₹6,235 per gram, with 22-carat gold trading at ₹5,715 per gram. The city's mixed demographic of tech professionals and traditional families maintained balanced market demand.
Market Drivers and Expert Analysis
Several factors are influencing current gold prices:
- Festive Season Demand: With Diwali approaching, traditional gold buying has gained momentum
- Global Market Trends: International gold prices and dollar fluctuations continue to impact domestic rates
- Investment Sentiment: Gold remains a preferred safe-haven asset amid economic uncertainties
- Wedding Season: The ongoing wedding season is driving substantial gold purchases across regions
Market experts suggest that investors should monitor global economic indicators and domestic demand patterns closely. The current price levels present both opportunities for new investments and profit-booking for existing holders.
Why Gold Remains India's Favorite Investment
- Cultural Significance: Deep-rooted cultural and religious importance
- Hedge Against Inflation: Proven track record of preserving wealth
- Liquidity: Easy to buy and sell across the country
- Portfolio Diversification: Reduces overall investment risk
As the festive season progresses, market watchers expect gold prices to remain volatile but generally positive. Investors are advised to stay updated with daily price movements and consult with financial advisors before making significant purchases.
