Diwali is traditionally seen as an auspicious time to purchase gold. (Image: Unsplash) Show Quick Read Summary is AI Generated. Newsroom Reviewed

Gold prices held steady below the key $4,000 per ounce level (over Rs 12,200 per 10 grams of 24-karat) on Friday, remaining on track for their eighth straight weekly gain. With the festive season in India, the sharp and continuous rise in gold prices has created a buzz among consumers.

Diwali is traditionally seen as an auspicious time to purchase gold. Though, this year’s steep rally, with gold delivering returns of over 50%, has dampened buying sentiment. On Friday, 24-karat gold was priced at Rs 12,273 per 10 grams on the Tanishq website.

Gold prices have risen 2.2% this week. On Wednesday, bullion reached a record high of $4,059.05, R

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