Gold pris by this diwali: The ever increasing prices of gold have already disturbed people. Before the commencement of the festive season, concerns about it have increased even more. Dhanteras, the festival of Diwali is also coming, in such a situation, the question comes how much gold will jump during this time? Will it be in the reach of the common man?
Prices can reach close to about one and a half million
First of all, if we talk about the current figures, the price of gold in the international market has reached $ 3,600 an ounce. According to a report by Goldman Sachs, if gold prices continue to rise, by 2026, the price can reach $ 4,500 an ounce. The price in India will be close to 1.45 lakhs. Experts estimate that gold can reach a level of 1.25 lakh by Diwali this year. Last year, gold was opened at a price of Rs 78,846 per 10 grams in the bullion market on Dhanteras.
How will the demand be in the festive season?
Due to a record rise in gold prices, there is a possibility of decrease in demand during the festive season starting from Navratri, Dussehra and Dhanteras (Diwali) as people are waiting for the price to decrease and hence people have stopped their purchases. Let us know that compared to last year, the price of gold has up to about 54 percent. Last year, gold prices were close to Rs 71,000 per 10 grams.
Gold prices remained gallop
Gold prices rose by Rs 1,438 per 10 grams to 109,475 new record high levels on Tuesday due to a strong trend in global markets, while on Monday it was recorded at 1,08,037 per 10 grams.
The highest business gold futures for October delivery on MCX have jumped at 982 to a new high level of 1,09,500 per 10 grams. The price of gold has gained momentum by the US Federal Reserve next week amid increasing expectations of cutting interest rates. Gold futures for December delivery on comex in international markets have reached an all -time high of $ 3,698 an ounce. Apart from this, the spot gold has reached a record high level of $ 3,658 an ounce.
There will be so much shortage in demand
Avinash Gupta, Vice Chairman of All India Gem and Jewelery Domestic Council, says that due to rising gold price, demand is expected to fall by 10-15 percent in demand during the festive season.
The Vice President of the Indian Bullion and Jewels Association and Executive Chairperson of Aspect Global Ventures, Aksha Kamboj also says that the rising price will affect the customers’ sentiments, which can cause a decline of up to 20-30 percent in demand.
Prithviraj Kothari, the managing director of Riddhisiddhi Bullion, says that the demand is likely to be low in this festive season. Due to rising prices, customers will either reduce their purchases or make a lighter design jewelery.
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