(Source: Poll of Polls)
Kolkata Sees Record-Breaking Gold Prices Ahead Of Dhanteras
In Kolkata, 22-karat gold is priced at Rs 11,815 per gram and 24-karat gold at Rs 12,889 per gram, signalling strong investor and consumer interest.
Gold prices in Kolkata surged to unprecedented levels on Wednesday, surpassing Rs 1.27 lakh per 10 grams on the Multi-Commodity Exchange (MCX). As Dhanteras approaches, festive demand has driven the market upward. In Kolkata, 22-karat gold is priced at Rs 11,815 per gram and 24-karat gold at Rs 12,889 per gram, signalling strong investor and consumer interest. Local market experts note that demand has been consistently strong, with both small-scale investors and institutional buyers increasing their exposure to gold amid market uncertainty.
The spike in local gold prices mirrors international trends. Spot gold in the global market rose 0.4 per cent to $4,155.99 per ounce, while US December gold futures traded 0.3 per cent higher at $4,174.30 per ounce. Analysts attribute the rally to a mix of geopolitical risks, expectations of US Federal Reserve rate cuts, central bank purchases, and ongoing inflows into gold ETFs. Additionally, the weakening US dollar has provided additional momentum to gold prices globally, further impacting domestic markets.
Silver Prices Climb Alongside Gold
Silver also recorded gains, opening at Rs 1,59,800 per kg and peaking at Rs 1,61,418 intra-day. On MCX, gold futures opened at Rs 1,26,915 per 10 grams, marking a 0.52 per cent rise from the previous close, and later touched Rs 1,27,500. During early trade, gold was trading 0.46 per cent higher at Rs 1,26,835 per 10 grams, while silver was up 0.52 per cent at Rs 1,60,333 per kg. Traders say that the combination of festive demand and international factors is keeping Kolkata’s gold market highly active, with many buyers seeking to invest in 24-karat gold coins and bars.
The rally is underpinned by renewed US-China trade tensions, with potential trade restrictions including port fees, alongside market expectations of US interest rate cuts. Federal Reserve Chair Jerome Powell has signalled a meeting-by-meeting approach to rate decisions, boosting speculation of 25-basis-point cuts in the near term. Analysts also cite the global economic uncertainty, policy easing expectations, and a shift away from the US dollar as strong drivers of gold prices, contributing to Kolkata’s record highs. Industry insiders expect demand to remain robust in the lead-up to Dhanteras, likely maintaining elevated price levels for the rest of the festive season.
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