Market turmoil: Gold prices dip slightly amid stock market decline before festivities

New Delhi (The Uttam Hindu): On Saturday, October 26, 2024, gold prices in Delhi experienced a slight decrease, settling at ₹79,763 for 10 grams, down from ₹80,253 the previous day. This decline follows a price of ₹79,593 per 10 grams recorded a week earlier on October 20. The drop in gold prices comes just ahead of the festive season, with Dhanteras on Tuesday, October 29, and Diwali starting on October 31. Despite the recent dip, gold prices have surged by 30% compared to the same period last year, influenced by various factors such as geopolitical tensions, including the Russia-Ukraine conflict and the ongoing Israel-Gaza situation, as well as China's central bank reducing its 1-year and 5-year prime loan rates by 25 basis points.

In stark contrast to gold, the stock market faced significant challenges this week. The benchmark BSE Sensex closed at 79,402.29, marking a decline of 662.87 points or 0.83% by the end of trading on Friday, October 25. The NSE Nifty also fell, closing at 24,180.80, down 218.60 points or 0.9%. Among the top performers in the Nifty, IndusInd Bank Ltd, Adani Enterprises Ltd, and Bharat Petroleum Corporation Ltd saw the largest losses, dropping by 18.99%, 4.90%, and 4.82%, respectively.

Most sectoral indices on the NSE ended in the red, with the exception of FMCG, PSU Banks, Healthcare, and MidSmall Healthcare. The Consumer Durables sector experienced the most significant decline at 2.60%, followed closely by Oil & Gas at 2.54% and Metal at 2.42%.