Gold Prices: The love of Indians for gold and silver is not hidden from anyone and now that season of the year has come which is most important. The festivals of Navratri, Dussehra, Dhanteras, Diwali, Chhath are ready to spread happiness and after this, the golden phase of wedding season will come in India in which gold worth crores of rupees will be bought and sold for lakhs of weddings.
Due to the Iran-Israel war, there are full chances of a huge increase in the price of gold. Apart from this, the festive season is going on in India in which there is huge purchase of gold. Obviously, the effect of increase in demand will also be seen as a boost in the bullion market. Gold prices are currently rising and despite only 3 months left in this year, gold has already given a return of 19.80 percent.
Gold prices will reach up to $3000 in global markets – don’t be surprised
There is a report of Citigroup, Goldman Sachs regarding the price of gold and along with it there is also a report of BMI and in this all three have agreed that the price of gold can be seen at the rate of $ 3000 per ounce by this December. If we look at the international rates of gold at present, it is at $2678.70 per ounce. In this sense, it is showing hope of going up to $3000 per ounce which will be $3000 per ounce in 3 months.
The gold rate of $3000 per ounce may seem high to you but it is not surprising because gold is always considered a safe investment and in times of global uncertainty, gold provides very strong support. Only Goldman Sachs has estimated the price of gold to be more than $2900.
There is turmoil in the market due to the impact of the ongoing war between Iran and Israel, but this disaster is turning into an opportunity for gold traders. The current level of gold may seem cheap to you because by the end of the year i.e. by December, you can get further returns of up to 12 percent. A rise of 12 percent in three months means that the ongoing conflict between Iran and Israel will continue to impact the commodity market and the prices of precious metals will remain on the rise.
Don’t forget these things regarding the price of gold
There are some special facts behind the rise of gold, such as in times of global turmoil, gold is used as hedging and from the central banks of countries to big institutions buy gold. During war, the price of gold in India increases rapidly and its example is the Russia-Ukraine war where during Russia’s attack on Ukraine in February 2022, the price of gold in the international market increased by 4.55 percent but in India this rate is around 8.5 percent. Had jumped.
Gold prices in India at this time
If we look at the price of gold in the country at present, it is at Rs 76315 per 10 grams (MCX Price) and after this, if it crosses Rs 85 thousand by December, then there will be a direct increase of 12 percent in it, which is good for investors. It can be said that this is going to prove to be an even more attractive return.
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