Gold has become cheaper by about Rs 6000 per 10 grams so far from its all-time high. At the same time, the closing price in the bullion market on October 16 was Rs 50,905. At the same time, silver has broken up from its high peak of August 7 to around Rs 18900. If we talk about this month, before the festive season, the brightness of gold-silver has started intensifying. So far in October, the spot price of gold has gone up by Rs 436. On the other hand, if we talk about the spot price of silver, then it is on the path of strength once again. The silver rate has increased to Rs 1132 per kg in October. In such a situation, investors and buyers feel that the price of gold will be around 45,000 rupees per 10 grams? What can be the price of gold till Diwali as most people sell and buy gold around Diwali and Dhanteras. Let’s know what is the opinion of experts ..
So where will gold reach Diwali
Manuvel Malbar Jewelers Managing Director M. Manuvel said, demand for gold is increasing continuously even in the midst of Corona crisis. The trust of the common people has once again returned to sleep. This will see more demand in the festive season. This is bound to affect the price of gold. In the coming time, there will be an increase in the price of gold and this momentum will continue not only in the festive season but also in the future, while Ajay Kedia of Kedia Capitals says that if you want to invest in gold, then there is a correction in the market. Wait for You can shop in gold when profit booking dominates in gold. In the year 2020, the price of gold can remain around Rs 53,000 per 10 grams.
Gold and silver up 25% over last year
If you compare the gold-silver rate between October 10 and October 9, 2020 last year, there will be a big change. Gold price of Rs 999 was Rs 38488 per 10 grams on 10 October 2019 in Sarafa Bazar, which has reached Rs 50878 on 9 October 2020. That is, the rate of gold has increased by Rs 12390 in a year. Gold has given around 25 percent returns in this one year.
Why is gold getting expensive
The main reason for the rise in the gold-silver rate is the weakening of the dollar, the Corona vaccine not yet coming to market, uncertainty in spite of the rise in the stock markets and political turmoil in many parts of the world. Also, the biggest reason is the reduction in policy rates by central banks around the world, indicating that the economy is in deep recession and gold is known as an alternative to safe investment.
At the same time, amidst the uncertainty in the stock market, the trend of investors has also increased in gold, due to which the demand has strengthened. Heavy buying by Gold ETFs is a direct indication of this. Talking about the rise in gold on this Friday, HDFC Securities Senior Analyst (Commodities) Tapan Patel said, “Due to the rise in international prices of gold, 24 karat gold in Delhi spot market rose by Rs 236. In the international market, gold was trading at $ 1,910 an ounce and silver was up sharply at $ 24.27 an ounce. Has strengthened.
There has been a sharp fluctuation in the price of gold in recent times. The price of gold has fallen from Rs 56 thousand to Rs 51000 per 10 gram level. Experts say that the price of gold is determined by demand, dollar price and international political-economic developments. Currently, corona remains a major cause. If the vaccine is ready, then there is a possibility of a sharp fall in the price of gold, while its price is expected to increase on delay. In such a situation, investors need to invest with better caution.
Gold rises further, silver rises by Rs 1399; know today’s trend