From the all-time high so far, the price of gold per 10 grams has gone up to around Rs 6,000. At the same time, the closing price of the bullion market on October 16 was Rs 50,905. At the same time, the silver broke from the August high peak to Rs 18,900. If we talk about this month, before the festive season, the brilliance of gold-silver has started to intensify. Gold spot price has risen by Rs 436 so far in October. On the other hand, if we talk about the spot price of silver, it is on the way to strength again. In October, the rate of silver increased by 11 kg per kg. In such a situation, investors and buyers think that the price of gold per 10 grams will be around Rs 45,000? What is the price of gold till Diwali because most people buy and sell gold around Diwali and Dhanteras. Let’s find out the opinion of experts.
Where the gold will reach Diwali
Managing Director of Manuvel Malabar Jewelers M. Manuel says the demand for gold continues to rise despite the Corona crisis, and the general public’s faith has returned to sleep. It will see more demand during the festive season. This is bound to affect the price of gold. In the near future, gold prices will rise and this momentum will continue not only during the festive season but also in the future, said Ajay Kedia of Kedia Capitals. If waiting profit bookings predominate in gold, you can shop in gold. In 2020, the price of gold could be around Rs 53,000 per 10 grams.
Gold and silver are up 25% compared to last year
If you compare the rates of gold and silver between October 10 last year and October between 2020, there will be a big change. The price of gold in the bullion market on October 10, 2019 was Rs. That is, the gold rate has increased by Rs 12,390 in one year. In this one year gold has returned about 25 percent.
Why gold is being spent
The main reasons for the rise in gold-silver rates are the weakness of the dollar, the corona vaccine is not yet on the market, uncertainty despite the rise of the stock market and political turmoil in many parts of the world. Also, the biggest reason for the decline in policy rates of central banks around the world indicates that the economy is in a deep recession and gold is known as a safe investment option.
At the same time, amid the uncertainty in the stock market, the tendency of investors has also increased in gold, due to which the demand has increased. Heavy purchases by gold ETFs are a direct indication of this. On Friday, HDFC Securities Senior Analyst (Commodities) Tapan Patel said, “The price of 24 carat gold has risen by Rs 236 in the Delhi spot market due to the rise in international gold prices. Patel said gold was weakened by uncertainty over the US stimulus package and growing concerns about the US economy.
Gold prices have fluctuated sharply in recent times. The price of gold has come down from Rs 56,000 to Rs 51,000 per 10 grams. Experts say that the price of gold is determined by demand, the price of the dollar and international political-economic developments. Currently, corona remains a major cause. If the vaccine is ready, gold prices are likely to fall sharply, but are expected to rise later. In such a situation investors need to invest with better caution.
Gold prices have risen further, silver has risen by Rs 1,399; Find out today’s trends