Gold Prices Surge on Janmashtami, Touching Record Highs Across Indian Cities
On Janmashtami (September 4), precious metals saw a surge in prices across major Indian metropolitan cities. According to Bullions.co.in, 24-carat gold touched ₹1,56,200 per 10 grams, while silver stood at ₹2,41,990 per kilogram. The yellow metal has been on an upward trajectory, recording a 5% price surge over the past month alone and a 46% gain over the past year.
The market analysts attribute this increase to a combination of festive seasonal demand and broader macroeconomic factors. Janmashtami marks the beginning of India's peak festive and wedding buying cycle, driving increased physical demand for jewelry and coins. Global market alignment also plays a role, with domestic bullion rates mirroring international spot prices and currency fluctuations.
A city-wise comparison shows that Chennai reported the highest prices for both gold and silver today, while Delhi reported the lowest prices among major Indian cities. This price rally is expected to continue, driven by sustained investor preference for safe-haven assets like gold.