According to Anuj Gupta, Vice President, IIFL Securities, there may be an increase in the demand for gold during Diwali and weddings, due to which the price of gold can go up to Rs 50,000. There will not be a big increase in this because the monsoon has not been very good this time.
Gold price can go up to 50 thousand rupees on Diwali
Gold prices can go up to Rs 50,000 on Diwali. Such is the opinion of experts. If we look at the price of Wednesday in Delhi, then it remains below 50 thousand rupees. According to experts, by Diwali, the price of gold can go up to 50 thousand rupees. in the international market gold price Gold fell by Rs 435 to Rs 49,282 per 10 grams on Wednesday in the bullion market of the national capital Delhi. Something similar will be seen till Diwali and the prices can go up to 50 thousand. There has been a decline in the price of gold since May this year. This price is around Rs 49,500 per 10 grams.
If we look at Wednesday’s condition, gold was trading lower at $ 1,615.7 an ounce in the international market, while silver prices declined and remained at $ 18 an ounce. Dilip Parmar, Research Analyst, HDFC Securities said, “Investors are risk-averse, which led to a fall in spot demand for 24-carat gold by Rs 435 per 10 grams in Delhi.
The same condition of decline is also being seen in the futures market. In the futures market, the price of gold fell by Rs 204 to Rs 49,246 per 10 grams on Wednesday. On the Multi Commodity Exchange, gold for delivery in October fell by Rs 204, or 0.41 per cent, to Rs 49,246 per 10 grams. It had a business of 15,728 lots. Market analysts said offloading of positions by participants led to the fall in gold futures. Internationally, gold was trading 0.65 per cent lower at USD 1,625.60 an ounce in New York.
what will happen next
The festive season has started in the country. In such a situation, the demand for gold in the physical market will increase. In the festive season, apart from worshiping, gold is bought for many other auspicious works. Very soon the wedding season will also start in which most of the gold jewelery is bought. These are all factors that can increase the price of gold. According to this, the price of gold is currently hovering around Rs 49,000, which can go up to Rs 50,000 per gram till Diwali.
According to Anuj Gupta, Vice President, IIFL Securities, there may be an increase in the demand for gold during Diwali and weddings, due to which the price of gold can go up to Rs 50,000. There will not be a big increase in this because the monsoon has not been very good this time. Inflation is also likely to increase due to poor monsoon. Which will also have a bad effect on the purchase of gold.
how to invest
There are many options for investing in gold. Due to the huge fluctuations in the price, keep away from investing in physical gold for now, even then many other types of facilities are available to the customers. Like Digital Gold, Gold ETF and Sovereign Gold are prominent. Sovereign gold bonds are considered to be the safest investment because the scheme is run by the Reserve Bank under the supervision of the government. The tenure of this scheme is 8 years and during this time the investor gets 2.5 fixed rate interest every year. Interest is paid every six months. The scheme of Sovereign Gold Bond is of 8 years, but if needed, money can be withdrawn from the scheme even after 5 years.
Investing in Gold ETFs
Like Sovereign Gold Bond, Gold ETF is also a safe investment option. This gold is bought and sold completely electronically. In this, the investor can get information about gold investment by looking at his broking account. Small amount can also be invested in this. One can even buy the equivalent of 1 gram of gold. The gold found in Gold ETFs is completely up to the criterion of purity. Gold ETFs cost less as compared to physical gold as they do not attract any making charges. You need to have a demat and trading account to invest in it. For this you do not need to go to any shop and the entire investment work is done online. Even money can be taken by selling it online.
Source: www.tv9hindi.com”