Countdown to Dhanteras - What are the gold and silver prices?

Traditionally, it is considered auspicious to buy gold on Dhanteras. Just ahead of the festive gold buying on the occasion of Dhanteras, gold prices in India reached a new high to touch Rs 38,398 per 10 gram on Wednesday, October 22. Traditionally, Indians buy gold on Dhanteras, irrespective of the prices, as it is considered auspicious.

Gold price for today: Rs 38,398 per 10 gram

Silver price for today: Rs 45,500 per kg

Gold contracts for December delivery traded lower by Rs 35, or 0.09 per cent, at Rs 38,855 per 10 gm in 2,142 lots. Similarly, gold for delivery in February next year fell by Rs 21, or 0.06 per cent, to Rs 38,130 per 10 gram in 105 lots.

Gold as an investment option has delivered over 20% returns since the beginning of this year. Price of spot gold (24 karat) in Kolkata stood at Rs 38,855 per per 10 gm today compared to Rs 32,300 on 29 December 2018, which makes gold among the best investments this year.

Similarly, silver also gained Rs 160 to Rs 45,500 per kg. It had closed at Rs 46,530 per kg in the previous trade in the national capital. In the international market, gold was quoting higher at USD 1,488 per ounce, while silver was trading at USD 17.64 an ounce. Silver contracts for December delivery traded lower by Rs 40, or 0.09 per cent, at Rs 45,391 per kg in 3,590 lots on the Multi Commodity Exchange. Similarly, the white metal contracts for March delivery fell by Rs 11, or 0.02 per cent, to Rs 46,300 per kg in 21 lots.

This Dhanteras you can even buy gold bonds. The series VI of Sovereign Gold Bond Scheme 2019-20 opened for subscription on Monday, ahead of Dhanteras and Diwali, with the RBI fixing the price at Rs. 3,835 per gram of gold. It will close on October 25, 2019. The maximum limit of subscription is 4 kg for individual and Hindu undivided family (HUF) and 20 kg for trusts and similar entities.

The Reserve Bank of India, on behalf of the government, will issue the bonds on October 30. Investors who want to apply online and make the payment against the application through digital mode get a discount of 50 per gram. For such investors, the issue price will be Rs. 3,785 per gram of gold. The minimum permissible investment is 1 gram, said a Finance Ministry statement.

Gold bonds will again open for subscription in December 2-6, January 13-17, February 03-07 and March 02-06, according to the issuance calendar released by RBI. There are income tax benefits on gold bonds to make it more attractive.

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