Oct 26, 2024 12:20 PM IST
Gold rates in Delhi dropped slightly to ₹79,763.0 for 10 grams compared to ₹80,253.0 for 10 grams yesterday, while the stock market crashed this week
Gold rates in Delhi dropped slightly to ₹79,763.0 for 10 grams today on Saturday, October 26, 2024, while it was ₹80,253.0 for 10 grams yesterday. Last week on October 20, 2024, the price was ₹79,593.0 for 10 grams.
This comes on the backdrop of the festive season with Dhanteras coming on Tuesday, October 29, 2024, and Diwali starting on October 31, 2024.
The prices of gold in general have risen 30% compared to the same period last year and these are attributed to a number of factors including geopolitical tensions such as the Russia-Ukraine war, the Israel-Gaza conflict, the decision of China’s central bank to reduce its 1-year and 5-year prime loan rates by 25 basis points, and so on.
The high prices of gold are in sharp contrast to the stock market which tanked this week.
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How did the stock market perform this week?
The stock market experienced a crash, closing down in the red after the trading session for the week ended on Friday, October 25, 2024.
The benchmark BSE Sensex closed at 79,402.29, which is a fall of 662.87 points or 0.83%.
The NSE Nifty on the other hand, closed at 24,180.80, plummeting 218.60 points or by 0.9%.
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IndusInd Bank Ltd, Adani Enterprises Ltd, and Bharat Petroleum Corporation Ltd fell the most out of the 50 Nifty companies by 18.99%, 4.90%, and 4.82% respectively.
Most of the NSE sectoral indices closed in the red except for FMCG, PSU Banks, Healthcare, and MidSmall Healthcare.
Consumer Durables fell the most by 2.60%, followed by Oil & Gas at 2.54%, and Metal at 2.42%.
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