Gold prices in Delhi saw a slight decline today, October 26, 2024. The current rate for 10 grams is ₹79,763, a decrease from yesterday’s price of ₹80,253. Just a week ago, on October 20, gold was valued at ₹79,593.
This decrease comes as the festive season approaches, with Dhanteras on October 29 and Diwali starting on October 31.
Reasons Behind the Gold Price Surge
Gold prices have risen by 30% compared to last year. Several factors drive this increase:
- Geopolitical Tensions: The Russia-Ukraine conflict and the Israel-Gaza crisis have led investors to buy gold for security.
- Economic Shifts: China’s central bank cut its 1-year and 5-year prime loan rates by 25 basis points, impacting global gold demand.
Stock Market’s Poor Performance This Week
The stock market struggled this week, closing in the red on Friday, October 25, 2024:
- BSE Sensex fell 662.87 points, or 0.83%, ending at 79,402.29.
- NSE Nifty dropped 218.60 points, or 0.9%, to close at 24,180.80.
Key companies declined on the NSE Nifty:
- IndusInd Bank Ltd fell by 18.99%.
- Adani Enterprises Ltd dropped by 4.90%.
- Bharat Petroleum Corporation Ltd declined by 4.82%.
Sectoral Drops
Most NSE sectors closed lower, except FMCG, PSU Banks, Healthcare, and MidSmall Healthcare. The biggest declines included:
- Consumer Durables: Down by 2.60%.
- Oil & Gas: Fell by 2.54%.
- Metals: Dropped by 2.42%.
This week’s trends show a shift to safe assets like gold, reflecting global uncertainties impacting the markets.