The next level for gold prices in the bullion markets is being considered to be Rs 90 thousand. Gold is currently at the rate of Rs 80,600 per 10 grams. This year both gold and silver have given returns of 30 and above. Gold rates have decreased after Diwali, but there are chances of it increasing once again.
Diwali-Dhanteras shopping is over. The new business era 2081 started with the auspicious time in the bullion market on Saturday. This entire year, gold and silver attracted people with their shocking rise and astonishing returns. The result was that despite being expensive during the festive season, gold and silver were sold heavily.
When the markets reopened on Saturday, jewelery gold was sold cheaper by about one thousand rupees. The price of silver declined by more than two thousand rupees. Bullion market experts and traders are now saying that the softening is actually a buying opportunity and preparation for the next rise. Gold will shine even more and the height of its prices will surprise you even further.
Gold gave 30 percent return and silver 36 percent return.
Gold has given 30 percent return this year while silver has given 36 percent return before Diwali. Before Diwali, the price of gold (24 carat) in Indore was Rs 81500 per ten grams. Jewelery i.e. 22 carat gold was sold at a price of Rs 74400. On Saturday, 24 carat gold was sold for Rs 80600 and jewelery gold for Rs 73600 in Indore.
After reduction, prices will rise again
According to Anil Ranka, President of Indore Gold-Silver Gems Traders Association, it was believed even before Diwali that there would be a correction of one-two percent in both the precious metals. That means a slight decline was expected. Indian markets were supporting so the decline could not come before Diwali. Experts had said that after the fall, there will be preparations for the next rise.
This means that after the decline, a rise in prices will be seen again. Those who are saying that gold has seen its highest prices of the year should stop. About two months are left in the year. Gold prices will reach new highs by the end of the year.
90 thousand next level
According to Bullion Traders Association Minister Avinash Shastri, the next level for gold prices in the market is being considered to be Rs 90 thousand per ten grams. It would not be surprising if gold touches this level this year itself. Actually, marriage auspicious times are starting from 12th November in India. In such a situation, demand for gold and silver will be seen. Along with this, international conditions are also helping in increasing the prices.
BRICS countries have announced the introduction of a new currency. This is to compete with the US dollar. Russia is starting to buy silver. Gold is being bought rapidly in China, along with war situations in different countries and America’s elections. All these factors together are helping in increasing the prices of gold.
Gold and silver trader Basant Soni says that the correction i.e. decline seen in prices is an opportunity for investors to buy gold and silver. When prices rise again, they will get good returns.
