The prices of gold are constantly increasing. This speed has not been taking a name for some time. The price of gold has increased by more than 8 percent in just one month, while in three months it has become about 22 percent expensive. Talking about the last one year, the price of gold has gained about 31 percent. This rising price has increased the concern of families whose houses have wedding-like events.
Where reached the price of gold?
According to the India Bullion and Jewelers Association (IBJA), the price of 24 carat gold increased by ₹ 628 and has reached ₹ 95,207 per 10 grams. At the same time, the price of 22 carat gold was recorded at ₹ 87,210 per 10 grams. On the other hand, the price of silver has fallen by ₹ 936 and has reached ₹ 95,639 per kg.
What is the reason for prices rise?
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International Trade Tension: There is an atmosphere of instability in the global market due to the trade war between the US and China.
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Fear of economic recession: There are signs of recession in the global economy, making investors turning to gold as a safe option.
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Central bank shopping: Central banks from all over the world are constantly purchasing gold, which is increasing demand and price.
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ETF investment boom: Gold purchases have also increased in exchange traded funds (ETF).
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American policies: There is an uneasiness in the market over the possible new tariffs on imports of semiconductor, pharma and minerals.
Large international institutions like Goldman Sachs are also speculating that if the current situation continues, the price of gold can reach ₹ 1,10,000 per 10 grams this year.
Is the price expected to fall?
Market experts believe that gold prices are less likely until the trade agreement between the US and China does not improve or the global situation improves. According to commodity expert Ajay Kedia, gold will currently be in a limited range of 6 to 8 months. If prices fall, it can come from ₹ 78,000 to ₹ 80,000 per 10 grams, while it continues to rise, then it can reach ₹ 1,02,000.
How to buy between expensive gold?
Despite the rising prices of gold, its demand in the wedding season has not stopped completely, but the consumers have become alert.
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People are now buying 18 and 14 carat jewelery instead of 24 carats.
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There is an emphasis on the purchase of limited and necessary jewelry.
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The demand for diamonds and other options is also being seen.
This vigilance is likely to continue in shopping until the market is stable.
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