Gold Price Today: Gold jumps to Rs 48,002 amid festive season, best time to buy?

Gold futures were trading with a gain of Rs 86 at Rs 48,002 per 10 grams following an increased demand in the global markets.

New Delhi: December Gold futures were trading with a gain of Rs 86, on Thursday (October 14), at Rs 48,002 per 10 grams following an increased demand in the global markets. Gold prices are continuously increasing in the past few days amid the ongoing festive season, 

In the national capital Delhi, gold prices rallied by Rs 455 to Rs 46,987 per 10 gram in the national capital on Thursday following firm trends in global markets, according to HDFC Securities.

In the previous trade, the precious metal had settled at Rs 46,532 per 10 gram. Silver also jumped Rs 894 to Rs 61,926 per kg from Rs 61,032 per kg in the previous trade.

In the international market, gold was trading higher at USD 1,795 per ounce and silver was flat at USD 23.20 per ounce.

"Gold prices traded higher with spot gold prices at COMEX trading 0.12 per cent up at USD 1,795 per ounce on Thursday.

Gold prices held firm trading range supported by weaker dollar and inflation worries," according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel. 

Gold trading cheaper by Rs 8200 from record highs 

In 2020, gold prices touched record highs after the public market crash fueled by the COVID-19-led economic downturn. At that time, investors had flocked to bullion exchanges to invest in precious metals. Also Read: Netflix in trouble again, court summons directors, producer in defamation case filed by Sahara

Gold on MCX is currently trading at about Rs 48,000 per 10 grams. This means that despite the recent increase in prices, gold is still trading cheaper by Rs about Rs 8200 from record highs. Investors could use this opportunity to invest in gold. Also Read: Sensex zooms 569 points to fresh record, Nifty tops 18,300-mark