India’s Pre-Diwali Gold Rush Drives Global Metal Prices to Record Highs
As millions of Indians welcome the festival of lights, an unprecedented surge in precious metals trading has taken center stage. Market analysts were caught off guard Tuesday as silver prices shattered previous records, reaching a staggering ₹100,000 ($1,200) per kilogram, marking a historic moment in India’s bullion market.
Financial experts point to a perfect storm of factors driving this rally. The upcoming wedding boom—with an estimated 4 million ceremonies scheduled through February—coupled with Diwali celebrations has created exceptional market conditions. Leading retailer MMTC-PAMP confirms this trend, revealing a remarkable one-third increase in precious metals transactions compared to 2023.
Industry insiders note a fascinating shift in consumer behavior, particularly in agricultural regions where improved farm revenues have boosted purchasing power. While traditional gold remains popular at ₹80,000 ($960) per 10 grams, silver has emerged as this year’s dark horse, outpacing all metallic commodities in performance.
The impact meanwhile has been felt in global markets, with the price of the precious metal rallying as high as US$34.53 per ounce.
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