Gold prices surge after Diwali; 46 percent rise predicted by 2026

A significant surge in gold prices has been observed following the Diwali festival, sparking renewed interest among investors and consumers regarding gold purchases. According to an NDTV report, gold prices in the international market have crossed the $4,100 per ounce mark. Amidst this bullish trend, the global financial institution JP Morgan has made a major prediction regarding gold prices. According to the institution, gold prices could rise by 46.34 percent from current levels to reach $6,000 per ounce by the end of 2026.

The rise in gold prices on November 9 has sparked new discussions in the market. On the Multi Commodity Exchange (MCX), gold was trading at ₹1,43,750 per 10 grams, marking an increase of 0.84 percent. Simultaneously, silver prices also recorded a rise of 1.62 percent, reaching the level of ₹1,88,102 per kilogram. Internationally, spot gold rose 1.6 percent to $4,129.69 per ounce, while US gold futures for December delivery also saw a 1.6 percent increase, reaching $4,139 per ounce. Silver was also trading above $53 per ounce in the global market.

Retail market prices for gold have also seen an increase. According to data obtained on November 9, the price of 24-carat gold in Mumbai was ₹1,44,600 per 10 grams, while 22-carat gold was being sold at ₹1,32,550 per 10 grams. In Delhi, the price of 24-carat gold was recorded at ₹1,44,750 and 22-carat gold at ₹1,32,700 per 10 grams. However, it is important for customers to note that retail prices may vary according to different cities and jewelers. Furthermore, the final price may increase when making charges, GST, and other applicable costs are added while purchasing jewelry.

According to JP Morgan analysts, volatility in gold prices may be seen in the coming times due to the strong US labor market and uncertainty regarding interest rates. Significant fluctuations in gold prices were observed around Diwali. Currently, the decline in crude oil prices has provided some relief from inflation concerns. US President Donald Trump has indicated that the possibility of further attacks on Iran is low, as diplomatic efforts are ongoing. A decline in crude oil prices could reduce inflationary pressure, which may also decrease the pressure on central banks to keep interest rates high.

JP Morgan Chase & Co. was a leading American multinational financial services company. It was known as one of the world's largest banks and provided various financial services such as investment banking, asset management, and private banking. This institution was known for conducting in-depth research on the global economy and market trends, and its economic forecasts were given importance at a global level.