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 Delhi

·      Today’s Gold Rate in Mumbai

·      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 Pune

·      Today’s Gold Rate in Coimbatore

·      Today’s Rate in Ahmedabad

·       Also check Petrol and Diesel Price In India

·      Petrol Price in India

·      Diesel Price in India