Gold prices dip as markets struggle amid festive season; check details
The dip comes as the festive season approaches, with Dhanteras on October 29 and Diwali beginning on October 31
PTC Web Desk: Gold rates in Delhi saw a slight drop on Saturday, with prices for 10 gm falling to Rs 79,763, down from Rs 80,253 on Fridau. Just a week ago, on October 20, 2024, the price stood at RS 79,593. The dip comes as the festive season approaches, with Dhanteras on October 29 and Diwali beginning on October 31. Despite the recent fluctuations, gold prices have surged 30% compared to the same period last year, driven by a combination of geopolitical tensions like the Russia-Ukraine war, the Israel-Gaza conflict, and China’s central bank decision to reduce its 1-year and 5-year prime loan rates by 25 basis points.
While gold prices have seen upward momentum, the stock market has faced a steep decline. On Friday, October 25, 2024, the benchmark BSE Sensex closed at 79,402.29, dropping 662.87 points or 0.83%. Similarly, the NSE Nifty plummeted by 218.60 points, closing at 24,180.80, marking a 0.9% fall. IndusInd Bank Ltd, Adani Enterprises Ltd, and Bharat Petroleum Corporation Ltd were among the biggest losers on the Nifty, with declines of 18.99%, 4.90%, and 4.82% respectively.
Sector-wise, most NSE indices ended in the red, with Consumer Durables down 2.60%, Oil & Gas falling 2.54%, and Metal slipping by 2.42%. However, FMCG, PSU Banks, Healthcare, and MidSmall Healthcare bucked the trend, finishing the day on a positive note.