Indian Gold Prices Surge ₹8,700 as Wedding Season and Festivals Drive Demand

Gold prices in India have surged due to increased demand ahead of the wedding season and several festivals. The price of 24-carat gold has jumped ₹8,700 per 100 grams (or ₹870 per 10 grams) compared to yesterday's rate.

The sharp drop of ₹25,100 in gold prices over the last two days prompted significant buying by investors and jewellers. This led to a rise in domestic prices, which was further driven by global demand from China's central bank and retail investors.

China imported over 1,000 tonnes of gold by August this year, a figure significantly higher than the amount purchased last year. As a result, gold prices in the domestic market have increased today.