Gold Hits A New Record, Best Month In Over 3 Years
HYDERBAD: A week after it vaulted over
the $2200/oz mark in international markets for the first time, gold touched yet
another life-high of $2,236 in the wee hours of Friday. In March, it has gained
9.3% logging its best month since July 2020.
Through MCX remained closed on account
of Good Friday, prices of 24k gold were quoting above Rs 70000 per 10gm
(including import duty & GST) in the local market. With the yellow metal
closing at an all time high of $2,233, Indian Bullion and Jewellers Association
national secretary Surendra Mehta said it may well open $30-40 higher on
Monday.
“Gold has gone off the charts. If it
keeps growing at this rate, it will become more of an investment commodity than
a consumer item. Once that happens, it will only go up higher,” said Mehta,
pointing out that the latest jump could be attributed to heavy buying by China
in addition to buying by central banks of other countries.
Avinash Gupta, former director of All
India Gems & Jewellery Domestic Council, said prices are moving on technical
only as there is no change in fundamentals except for increased buying by
central banks. “The technical support is so strong that now, we are looking at
$2,350.” But the more gold dazzles, the more it loses its sheen for jewellery
consumers. “Jewellery business is down everywhere to just 30% of normal levels due to rising prices,”
Gupta said.
Which factors influence the gold price in India:
There are certain factors that
determine the increase in the price of Gold. We will have a look at them:
The demand for gold plays a role in
the price of gold.
Gold is purchased for auspicious
reasons. People tend to buy gold whenever there is wedding, festival, or any
similar festive event. Thus, the higher the demand for gold, the greater its value
will be.
The movement in global markets also
determines the values of gold. The precious metal is considered to be safe
haven for investors and is less volatile. This means that oil and the dollar
considered being riskier assets and certainly more volatile experience a drop
in their price, then the value of gold grows
simultaneously.
Politcal factors, and government
policy also affect the domestic price of gold in India. Similarly, any
political which may have global impact also plays a role in the price of Gold
increasing or even decreasing.
When is the right time to buy Gold in India
You will have to keep an eye on the value
of gold before deciding to buy the yellow metal for yourself. Various political
events, changes in economic conditions, governments policies can impact the
price of gold in India. For example, due to the outbreak of Covid-19, and the
war between Ukraine and Russia may result in the price of gold rising. You can
purchase gold with the price is down and sell it when its value goes up.
Gold is generally purchased so that
you can take care of yourself in case you are facing a severe financial crunch.
Studying the gold rate trend in India
Studying the gold rate trend in India
could offer an insight into future fluctuations and investment plans can be
made accordingly. The gold rate depends on a number of factors like the
stability of the central bank, the supply and demand of gold in the market,
quantitative easing, government reserves, the health of the jewellery industry and
overall yearly production to name a few.
Also, Check- Silver Rate Trend inIndia
Why should we invest in Gold in India?
Some of the reasons why you must
invest in Gold in India are:
It acts as hedge against my decline in
asset types such as real estate and equities. This means it is one of the
assets that offers a great possibility for diversification.
It also brings some relief from hard
situations, especially during any financial crunch.
Another advantage of gold is that is
relatively liquid, making it one of the better asset classes than real estate, which
is considerably more difficult to sell.
Things to keep in mind while purchasing Gold in India
· Look to purchase
hallmark gold- You must ensure
you purchase hallmark gold only. There are various jewelers in Bhubaneswar who
sell gold to their customers and are authentic and pure in nature. Make sure
the gold you purchasing is pure.
· Check the market
movement- You must be aware of the market
movement before you invest in gold. In case the market is down, it can be good
time for you to buy gold. Once the price of gold goes up, you can sell your
gold for profit. And also check today’s silver price in India.
Also check Today’s Gold Rate in the most
popular Indian cities
· Today’s Gold Rate in Chennai
· Today’s Gold Rate in Kolkata
· Today’s Gold Rate in Bangalore
· Today’s Gold Rate in Hyderabad
· Today’s Gold Rate in Coimbatore
· Also check Petrol and Diesel Price In India
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