Gold Prices Update: Due to Diwali, Dhanteras and global reasons, the shine of gold will increase, prices are likely to go up to Rs 62,000 per 10 grams.

Gold Prices Update: Due to Diwali, Dhanteras and global reasons, the shine of gold will increase, prices are likely to go up to Rs 62,000 per 10 grams.

Gold Prices: After seeing a huge fall in prices for a long time, the shine of gold has started increasing again. On one hand, the festive season has started in the country with Navratri, while in the month of November there is the festival of Diwali and Dhanteras in which Indians definitely buy gold. Besides, the wedding season is also about to knock. With the festive season approaching, it is believed that gold prices may rise further in the coming days. Especially before Diwali and Dhanteras, there may be a big jump in prices. 

Effect of global stress 

On one hand, global tension is increasing due to the ongoing war between Israel and Palestine’s Hamas. Whose crude oil is boiling. Due to this, fluctuations can also be seen in the stock market. So next month the Federal Reserve, the central bank of America, may put a stop to increasing interest rates. If this happens the dollar will weaken. After which gold prices are expected to rise. In such a situation, investing in gold can help in risk cover. 

Supply less, demand more 

Central banks around the world have been continuously purchasing gold, including India’s central bank, the Reserve Bank of India. In 2022, central banks around the world have purchased 1150 tons of gold. This is the biggest purchase in the last five decades. After increasing global tensions, these central banks had increased the purchase of gold. Firstly, there is no new supply of gold, but due to the purchases by the Central Banks, there is also a decrease in the supply due to which the prices are likely to remain high.   

The shine of gold will increase before Diwali 

There is a possibility of further rise in gold prices on Diwali and Dhanteras. According to experts, due to festive demand and global reasons, gold can go up to the level of Rs 62,000 per gram. At present, gold is trading at Rs 60,150 per 10 grams in the bullion market. There was a big fall in the prices of gold after May 2023, which was trading at Rs 56,627 in the first week of October. Gold had become cheaper by Rs 5000 from the high of May. But after the increase in demand during festivals, prices are expected to rise. 

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FICCI Economic Outlook: Retail inflation rate will be higher than RBI’s estimate in the current financial year, loans will not become cheaper before 2024

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