Festive and Wedding Season: For us Indians, gold is not just an investment tool but a symbol of pride and prosperity. This is the reason why gold prices have soared in the last few years. On Saturday, the price of 24 carat gold in Delhi is Rs 73020 per 10 grams. Now the festive season has started in the country, which will continue till Devuthaan Ekadashi. The demand for gold is going to reach a record high on Dhanteras. After this, the wedding season will begin, in which the demand for gold increases every year. In such a situation, the demand for gold and its rate may continue to rise for the next three months.
Gold is rising due to many wars and domestic demand
There has been a sharp rise in the rate of gold in the current financial year. Due to the ongoing wars in the world and domestic demand, there has been a record number of gold sales in India. Many central banks of the world have continuously bought gold. Due to this, the price of gold kept increasing. After this, Finance Minister Nirmala Sitharaman reduced the custom duty during the budget. Due to this, gold became cheaper for a few days. But, it has again started moving forward by taking a sharp jump. Now it is believed that the price of gold can break the record in the next 3 months.
The reduction in rates after the budget has now disappeared
According to Colin Shah, MD of Kama Jewellery, the reduction in the rate of gold after the budget has now disappeared. The demand for gold in India is always high. Jewellers play an important role in increasing this demand. Due to the festive and wedding season, it is expected that the demand for jewellery will increase and due to this the price will also go up. It is expected that people will buy more gold. Sales may be highest on Dhanteras. Apart from this, the Fed Reserve has also indicated a cut in interest rates.
Gold and silver will start rising in just two weeks
Shashank Pal, Chief Business Officer of PL Wealth Management, said that the price of gold may increase by up to 1 percent in the next 2 weeks. This trend will intensify in the next three months. There is full hope of increase in the price of silver as well. Silver can also go up by about half a percent in just 15 days. He said that the prices of gold and silver are greatly affected by the ongoing crises in the world, domestic demand and the value of rupee against the dollar. Festive season and weddings always bring good news for jewelers and bullion traders. The same is expected to happen this year as well.
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