Gold Prices Spike on Janmashtami as India Sees Peak Festive Buying Cycle

The price of gold and silver in India saw significant increases on Janmashtami day, September 4. As per data from Bullions.co.in, 24-carat gold was trading at ₹1,56,200 per 10 grams, while 22-carat gold was quoted at ₹1,43,183 per 10 grams. Silver prices stood at ₹2,41,990 per kilogram.

The surge in precious metals is attributed to a combination of festive seasonal demand and broader macroeconomic factors. Market analysts point out that Janmashtami marks the beginning of India's peak festive and wedding buying cycle, driving increased physical demand for jewelry and coins.

Gold has registered impressive gains over the past year, with a 46% increase since last year and a 5% gain in the last 30 days. Domestic bullion rates continue to mirror international spot prices and currency fluctuations, keeping silver near its multi-month highs.