Gold Silver Price in Festive Season: With Ganesh Chaturthi, the festive season has started across the country. This is the time when most people consider it auspicious to invest in gold and buy jewellery.
In such a situation, there is a question in the minds of most investors and gold buyers that where will the gold price go till the festive season, especially Dhanteras and Diwali. Will it cross its previous peak of Rs 56,500 per gram or will the price fall?If experts are to be believed, by November, 10 grams of 24-carat gold can fall down to Rs 46,000 in the spot market.
What will be the future of gold -this is the opinion of experts
According to Tarun Tatsangi, Assistant General Manager (Commodity Research), Origo e Mandi, by the end of the year, the price of gold in the spot market may fall to Rs 46,000. He said that no factor in the international and domestic market is going to help in raising the gold prices. He said that earlier due to war between Russia and Ukraine, gold prices increased but now it does not affect gold prices.
Country ready for recession
According to Tarun Tatsangi, there are reports of recession in European and American countries, but this time it is not going to help push the gold prices further. He said that this time the recession is not going to be like 2008 last time because this time most of the country is ready. Most countries are increasing interest rates to control inflation.
Gold prices expected to rise
Bhavik Patel, Senior Commodity Currency Expert, Tradebulls Securities said that gold is trading at a four-week low in MCX due to weakening of the Indian rupee, while it is trading at a six-week low in Comex. Physical buying of gold in China has increased and fears of a recession could give a tailwind to gold, but gold is unlikely to make any strong comeback this year due to a strong US dollar and rising US Treasury yields.
Here are the prices in the spot market today
Today, the price of 10 grams of 24 carat gold was seen trading at Rs 50,470. Gold prices rose by Rs 61. The average price of 23 carat gold today stood at Rs 50,268. The spot price of 22 carat gold stood at Rs 46,230. The price of 14 carat was Rs 29,525.
Gold atthree-month low in commodity market
Gold remained at a three-month low in the commodity market, tracking a weak global trend in the precious metals. Gold futures on MCX settled at Rs 50,050 per 10 grams in early trade, which recovered slightly to Rs 50,184. However, silver futures rose 0.21 per cent or Rs 113 to Rs 52,715 per kg. Gold remained weak in the national markets and was trading below the key level of $1,700 an ounce. A rally in the US dollar and a firming US bond yield put pressure on the precious metals. Traders await key US jobs data due later today, which will also affect the Federal Reserve’s next interest rate hike.