Gold prices in Kolkata have climbed sharply on Thursday, ahead of the auspicious Dhanteras festival. The city’s 22-karat gold is currently trading at Rs 11,865 per gram, while 24-karat gold (999) commands Rs 12,944 per gram. India relies heavily on imported gold to meet domestic demand, with recycled gold accounting for only a small portion of supply. Since global gold is priced in US dollars, any movement in the rupee-dollar exchange rate directly impacts domestic prices.
Domestic rates also include import duties, GST, and additional state-specific levies, which make gold more expensive than international benchmarks. Globally, factors such as central bank policies, bond yield fluctuations, and investor sentiment shape gold prices. Its role as a safe-haven asset ensures persistent demand, particularly during periods of financial uncertainty or geopolitical tension. Investors in Kolkata are now increasingly purchasing gold both for investment purposes and as part of Dhanteras celebrations.
Festive Buying Boosts Local Market
The approaching Dhanteras festival has triggered a surge in gold purchases in Kolkata, with jewellers reporting strong sales of both 22-karat and 24-karat gold. Financial advisors point out that gold continues to be a reliable investment option for those seeking wealth preservation and protection against market volatility. Other major cities mirror these trends; Delhi lists 22-karat gold at Rs 11,880 per gram, while Chennai shows Rs 11,900 per gram. Bengaluru, Hyderabad, and Mumbai maintain 22-karat gold rates at Rs 11,865 per gram. The seasonal buying momentum is expected to sustain high prices, reflecting both cultural significance and the metal’s financial security.
Analysts attribute Kolkata’s record prices to a mix of domestic festive buying, global price movements, and rupee fluctuations. Investors view gold as a long-term store of value, particularly in the current economic climate. In addition to festive demand, global uncertainty and rising investor interest in safe-haven assets contribute to the upward trend. Traders also note increased activity in the jewellery segment, with a preference for traditional and investment-grade ornaments. The combination of cultural practices, strong market fundamentals, and gold’s intrinsic appeal is keeping the prices elevated as Dhanteras approaches, making it a prime time for investment.
