look news india
Festival and Wedding Season: For us Indians, gold is not just a means of investment but a symbol of splendor and prosperity. This is the reason why the price of gold has increased rapidly 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 last till Devuthaan Ekadashi. The demand for gold is going to reach record levels on Dhanteras. After this, the wedding season will start, in which the demand for gold increases every year. In such a situation, the demand for gold and its prices may continue to increase for the next three months.
The price of gold has increased due to several wars and domestic demand.
The reason is that there has been a sharp increase in the price of gold in the current financial year. Due to many wars going on in the world and domestic demand, record sales of gold have been seen in India. Many central banks of the world have continuously bought gold. Due to this, the price of gold is continuously increasing. After this, Finance Minister Nirmala Sitharaman reduced the customs duty during the budget. Due to this, gold became cheaper for a few consecutive days. But, it has started moving fast again. Now it is believed that the price of gold can break the record in the next 3 months.
Post-budget rate cuts are now gone
According to Colin Shah, MD, Kama Jewellery, Budget The fall in gold prices after that has now disappeared. The demand for gold in India is always high. Jewellery plays an important role in increasing this demand. Due to the festive and wedding season, the demand for jewellery is expected to increase and hence the price will also increase. There is a strong expectation that people will buy more gold. Sales may be highest on Dhanteras. Apart from this, the Federal Reserve has also indicated a cut in interest rates.
Gold and silver prices will start rising within two weeks
Shashank Paul, Chief Business Officer of PL Wealth Management, said that the price of gold may increase by 1 percent in the next two weeks. This trend will accelerate in the next three months. It is expected that the price of silver will also increase. Silver may also rise by about half a percent in just 15 days. He said that the price of gold and silver has been greatly affected due to the ongoing crisis in the world, domestic demand and the value of rupee against the dollar. The festive season and weddings always bring good news for jewelers and bullion traders. The same is expected to happen this year as well.