look news india
New Delhi, 29 October (Hindustan Reporter). Today the festival of Dhanteras is being celebrated all over the country. The 5-day long festival of lights has started with Dhanteras. Today is traditionally considered auspicious for purchasing gold and silver. According to the beliefs of Hindu religion, purchasing gold and silver on the day of Dhanteras brings blessings of Lakshmi throughout the year. The beliefs are in their place, but if we talk about investing in gold and silver, then those who had invested in gold on Dhanteras last year, have got a profit of more than 30 percent in one year. This means that the blessings of Goddess Lakshmi are on the investors investing in gold.
Last year, on the day of Dhanteras, the price of 24 carat gold in Delhi bullion market was Rs 60,750 per 10 grams, which has jumped to Rs 79,940 per 10 grams by this Dhanteras. This is the condition of the price of gold when its price has declined both today and yesterday i.e. Monday and Tuesday. The price of this shiny metal had reached Rs 80,440 per 10 grams two days ago on Sunday.
If we estimate the rise in the price of gold according to today's rate, then between the last Dhanteras and this Dhanteras, the price of gold has increased by 31.59 percent. This return from gold investment is more than the returns from the stock market. In this one year period, the stock market has given an overall return of 23.5 percent. In such a situation, it can be assumed that between Dhanteras and Dhanteras, gold has earned comparatively more money for the investors.
Market experts believe that a major reason for the rise in gold prices is geopolitical tension. Along with this, cutting interest rates by many central banks of the world and trying to increase their gold stock by purchasing gold is also the main reason for the rise in the price of this shiny metal. Bullion market expert Mayank Mohan says that there has been an atmosphere of uncertainty at the global level for the last one year. Due to this, the global economy has been facing continuous shocks. Due to geopolitical tension, the pace of global economic has also decreased, due to which investors around the world are currently focusing on buying gold as a safe investment. Along with this, after the end of high inflation, the central banks of many countries are making their monetary policy flexible and reducing the interest rates. Due to reduction in interest rates, the price of gold has got a lot of support in the international market.
According to Mayank Mohan, along with global reasons, the demand for the festival season in India has also increased the price of gold. Generally, the purchase of gold in the country increases significantly during Navratri and then on the occasion of Dhanteras and Diwali. The wedding season starts in the country just a few days after Diwali. During this period also gold is purchased on a large scale. Due to increase in demand for gold, its price also increases continuously. The biggest thing is that in India, traditionally buying gold is considered a sign of prosperity in the family. It is believed that buying gold increases the happiness of the family. For this reason also, on the occasion of Dhanteras or Diwali, people try to buy gold and silver, even if in small quantities. Due to this also, the demand for gold has increased in the country and this shiny metal is trading close to all-time high.
However, market experts say that the strong rise in the price of gold between last Dhanteras and this Dhanteras does not mean that the price of gold will remain at the same pace till the next Dhanteras also. International market conditions have a great impact on the price of gold. If geopolitical tension decreases, its price may also fall in the international market. Therefore, before purchasing gold, especially small and retail investors, they must analyze every aspect properly.